The borrower has been the manager of the 55-key Hilton flagged hotel for three years and has over 20 years’ experience in hotel operations and management. Additionally, the borrow intends to upgrade the interior/exterior and add 24 new rooms to the existing hotel. The upgrades and additions will increase the value of the property to an appraised value of $7,100,000 based upon industry performance estimates.
The borrower has an investment group that agreed to provide 25% of the cash required for the purchase and expansion of the property of approximately $1,709,000. The property is located on a major highway with high traffic count.
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