RobertDouglas Advises Lodging Capital Partners, LLC & Lupert Adler Management Co. with the Acquisition Financing of the Embassy Suites Memphis
obertDouglas announced today that it advised Chicago-based Lodging Capital Partners, LLC and Lubert-Adler Management Co., a Philadelphia-based investment firm, on the $22,600,000 acquisition financing of the Embassy Suites Memphis. The financing was provided by a national life insurance company.
RobertDouglas Advises Lodging Capital Partners, LLC & Lupert Adler Management Co. with the Acquisition Financing of the Embassy Suites Memphis
New York – November 19th, 2013 – RobertDouglas announced today that it advised Chicago-based Lodging Capital Partners, LLC and Lubert-Adler Management Co., a Philadelphia-based investment firm, on the $22,600,000 acquisition financing of the Embassy Suites Memphis. The financing was provided by a national life insurance company.
Considered one of the flagships of the Embassy Suites brand, the 220-suite property has consistently been one of the strongest performing hotels in the Memphis market. The hotel features 4,000 square feet of meeting space, the famed Frank Grisanti's Restaurant, indoor swimming pool and whirlpool, fitness center, business center, gift shop, and complimentary shuttle service. Built in 1989, the property is adjacent to the global headquarters of FedEx and is within a quarter mile of the global headquarters of International Paper. Lodging Capital Partners, LLC and Lubert-Adler Management Co. are planning a substantial multi-million dollar renovation of the hotel.
"We were able to present a variety of fixed and floating rate financing options to the Buyer through a very tightly-run process. Given the significant renovation being underwritten, we were able to structure a hybrid execution that provides interest only flexibility during the renovation period while preserving attractive fixed-rate pricing through the term of the loan on a non-recourse basis," noted Chris Ropko, a Director in RobertDouglas' Los Angeles office.
Douglas Hercher, founding Principal and Managing Director, added, "We were excited by the opportunity to work with Lodging Capital Partners and Lubert-Adler. I think their strategy of acquiring best-in-class hotels in markets that have the potential for significant growth and re-investing capital back into those properties will serve them well."
About RobertDouglas
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles, San Francisco, Chicago, and Nashville that specializes in the sale, financing, and equity capitalization of hotel, resort, and gaming properties throughout North America. Founded in January 2013 and currently led by its four partners, Rob Stiles, Doug Hercher, Stephen O'Connor, and Evan Hurd, RobertDouglas offers access to exceptional domestic and international institutional investor and lender relationships as it combines the capital markets sophistication of top-tier investment banks with diligent hotel underwriting and proven asset management experience.
For more information, contact info@robert‐douglas.com or go to www.robert-douglas.com.