Access Point Financial to Finance Hitalk Hotels’ Acquisition of Hyatt Place Mohegan Sun in Connecticut
Leading hospitality industry lender selected to finance hotel acquisition near the famed Mohegan Sun Casino in Uncasville, Connecticut
ATLANTA - Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, has signed an agreement with Hitalk Hotels to provide financing for the company's acquisition of the Hyatt Place Mohegan Sun in Uncasville, Connecticut. Access Point Financial provided $10.1 million in financing for the acquisition of the property, which will be managed by Aimbridge Hospitality. The hotel is expected to now undergo a renovation to update its furniture, fixtures, and equipment in accordance with brand standards. The transaction closed on November 14, 2019.
"Access Point Financial was our preferred partner in this transaction due to the firm's hospitality industry experience and reputation for reliability, which was particularly important during this difficult financing window," said Hitesh Patel, owner of Hitalk Hotels. "The Hyatt Place Mohegan Sun is an important property in our portfolio, due to its convenient location adjacent to the popular Mohegan Sun Casino."
"The Hyatt Place Mohegan Sun's wide range of offerings, such as free parking and pet-friendly rooms, position it well in a competitive market," said Lori Tirado, Managing Director, Business Development at Access Point Financial. "We look forward to working with Hitalk Hotels as they continue to make improvements in this already standout property."
For more information on Access Point Financial's comprehensive portfolio of hospitality-focused financial services, Please visit www.accesspointfinancial.com.
About Access Point Financial
Founded in 2011, Atlanta-based Access Point Financial, LLC (APF) is a direct hospitality lender that provides bridge, capex, construction, mezzanine, preferred equity and permanent financing to qualified hoteliers throughout the United States & Canada. APF's loan programs are flexible and are typically used for refinance, construction take-out, renovations or brand-mandated PIPs, and value-add transactions, such as asset repositioning, hotel conversions and ground up construction. APF's programs are designed specifically for the hospitality industry and offer an alternative to traditional bank financing. APF understands the complexities of the industry and are uniquely positioned to customize its loan programs to meet the needs of its clients even during periods of volatility.