The borrower is an experienced hotel operator, who currently owns 12 hotels, including several Holiday Inn Express, La Quinta, Hampton Inn, and more. The borrower plans on building a new hotel located in downtown Kansas in the near future and intends on purchasing several parking lots to increase parking options for future hotel guests. The borrower is interested in this parking lot location due to its long-term history in the area and high traffic count. The borrower is planning on refinancing one of his hotels to generate cash to pay off the current loan in the next 3-4 months.
The parking lot is currently operating in the convention center area of downtown Kansas City and generates income via convention attendees, sports fans, and people visiting downtown for business/recreation.