Spirides Arranges $2.33 Million Hotel Debt Refinancing for Hilton Hampton Inn Laurinburg, NC
TAMPA, FL—Spirides Hospitality Finance Company has successfully arranged, and its client has closed on a $2.33 million debt refinancing with a permanent loan from a southeast U.S. headquartered lender to refinance existing debt for the Hampton Inn by Hilton in Laurinburg, North Carolina.
The financing arranged by Spirides for Hampton Inn Laurinburg includes paying off a floating interest rate loan and replacing it with a fixed interest rate loan at a 52% loan to value ratio and a 25 year amortization. The interest rate is now fixed at a favorable interest rate for 5 years, and then it adjusts according to a set spread above the prevailing 5 year SWAP rate at the time and then is fixed for another 5 years upon franchise renewal.
The Hampton by Hilton brand is the number one ranked lodging franchise for the past nine years according to Entrepreneur. Hampton has more than 2,380 hotels open in 22 countries and territories. It operates in the upper midscale limited service segment of the lodging industry. The brand is about celebration and diversity - embracing local culture and giving guests a true experience during their stay, along with free, hot breakfast and free Wi-fi.
Members of the Spirides family have owned, operated, developed, and advised hotels and restaurants for over 90 years since the 1920s. In fact, in 1969 this company's founder and president Harry G. Spirides' late father George H. Spirides assisted his good friend Cecil B. Day to design, build, and open the world's first Day's Inn near Savannah, GA, and he subsequently became the first manager of the world's first Day's Inn early in his career as a distinguished owner and operator of hotels.
Harry G. Spirides is a former owner and operator of a 205 room, full service, beach resort hotel for over 20 years. He is a third-generation hotelier who has over 30 years of experience working in full service hotels. He rose up through the ranks of his family's hotel company working in every position from restaurant dishwasher to general manager to chief executive officer. Today, Harry Spirides, through his companies Spirides Hospitality Finance Company and Spirides Hospitality Realty Company, finds it very rewarding to assist hotel owners with their financing and real estate brokerage needs, having "walked a thousand miles in their shoes."
For more information visit http://www.hospitality-finance.com