Spirides Arranges $5 Million Hotel Construction Loan for New Radisson in Florence, SC
TAMPA, FL -- Spirides Hospitality Finance Company has successfully arranged, and its client has closed a $5 million construction to permanent first priority mortgage loan from a southeast U.S. headquartered bank to finance the development of a new Radisson Park Inn in Florence, South Carolina.
The terms of the financing arranged by Spirides for this new Radisson Park Inn development include a favorable interest rate, a 25-year term, an 80% loan to cost ratio, interest only monthly mortgage payments for the first 12 months of the loan through the construction period, followed by principal and interest payments based on a 24-year amortization for the remainder of the term.
"The City of Florence, South Carolina, which was founded as a railroad hub, today remains vitally linked with the U.S. transportation system by being the midway point between New York City and Miami, Florida on Interstate 95. This geographic fact has led to strong demand for hotel accommodations at Interstate 95's exits in the metropolitan Florence area. Additionally, Florence's good interstate access, which also includes Interstate 20, has allowed it to be the home of a QVC Distribution Center, an Otis Elevator manufacturing plant, and a Honda manufacturing plant among numerous other businesses," says Harry G. Spirides, President of Spirides Hospitality Finance Company who led the debt placement team representing the borrower in this transaction. "Florence's national transportation system nexus coupled together with the City of Florence's ongoing large downtown redevelopment project will only continue to boost demand for hotel rooms in Florence," continues Spirides.
Park Inn by Radisson is a growing upper midscale hotel brand. With 149 hotels currently operating and another 54 in development, the concept features all necessary modern hotel services and amenities, a unique guest service philosophy called "Adding Color to Life," and a cost-effective building design which includes colorful and contemporary interiors with a hip and modern feel. Radisson Hotel Group defines the Park Inn brand's competitive set as including Hilton Garden Inn, Four Points by Sheraton, Holiday Inn, and Courtyard by Marriott.
Members of the Spirides family have owned, operated, developed, and advised hotels and restaurants for over 90 years, since the 1920s. In fact, in 1970 this company's founder and president Harry G. Spirides' late father George H. Spirides assisted his good friend Cecil B. Day to design, open, and manage the world's very 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 front desk clerk to general manager to chief executive officer. Today, Harry Spirides, through his company Spirides Hospitality Finance Company, finds it very rewarding to assist hotel owners with their financing needs, having "walked a thousand miles in their shoes."
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