Spirides Hotel Finance Company has just successfully provided, and the borrower has officially closed a $6.3 million mortgage loan from a southeast U.S. headquartered bank to refinance the existing mortgage debt plus take $1.5 million cash out of the Holiday Inn Express in Latta, South Carolina. The $1.5 million cash taken out of the loan proceeds will be used by the borrower as an owner’s cash equity down payment to build another hotel in North Carolina where they already own the land.
This Holiday Inn Express features 68 guest rooms and suites in one 4-story building situated on 4 acres of land. It is located at 2513 Cattle Farm Road at SC Highway 38 just off of Interstate 95 Exit 181 near the City of Latta in Dillon County, SC, which is part of the Florence metropolitan area. Exit 181 is one of the primary exits off of Interstate 95 that leads to the very popular Myrtle Beach, SC resort area.
This Holiday Inn Express is located just a few minutes drive from the recently opened South Carolina Ports Authority’s Inland Port Dillon, a $50.5 million intermodal cargo transfer hub located 130 miles from the Port of Charleston, SC. Inland ports are where trains and trucks exchange tens of thousands of overseas shipping containers packed with consumer goods. Also located nearby are Darlington Raceway & Museum, McLeod Regional Hospital, Florence Civic Center, and the regional offices of Mohawk Industries, Johnson Controls, O’Rileys, Harbor Freight, Wyman Gordon, Perdue, R.J.Corman Railroad, and South Carolina National Guard.
“We at Spirides Hotel Finance Company provided the original construction financing for this Holiday Inn Express back in 2018, and today we are very happy to announce that the owners have now selected us to provide the permanent financing to retire the original construction loan,” says Harry G. Spirides, President of Spirides Hotel Finance Company who led the debt placement team representing the borrower in this transaction.
“It is a honor and a testimony to our great team to see our satisfied customers return and reward us with their repeat business,” continues Spirides.
The terms of the financing arranged by Spirides for this Holiday Inn Express debt refinancing plus cash out project include a 70% loan to value ratio, a low interest rate fixed for 5 years, and a 25-year amortization.
About Spirides Hotel Finance Company
Based in Tampa, Florida, Spirides Hotel Finance Company arranges mortgages and loans for hotel owners and developers across the United States for ground-up construction, acquisition, debt refinancing, and renovation projects. Spirides charges no up-front fees and provides their customers with the best terms available in the marketplace along with exceptional service and fast execution.
Members of the Spirides family have owned, operated, developed, and advised hotels and restaurants for 100 years, since the 1920s. Today, financing hotel capital projects is their primary line of business and passion. A notable historical fact is that 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, Georgia, 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 Hotel Finance Company, finds it very rewarding to assist hotel owners with their financing needs, having "walked a thousand miles in their shoes."
Harry G. Spirides
President, Spirides Hospitality Finance Company