- November 1, 2022
- Posted by: Bastion team
- Category: World News
PA Hospitality has landed $37.4 million in financing for the development of Home2 Suites by Hilton and Tru by Hilton in Downtown Houston, Commercial Observer has learned.
Hall Structured Finance (HSF) provided the construction loan, while Arriba Capital brokered the deal.
“PA Hospitality has a history of developing and managing quality properties that are leaders in their respective submarkets,” Brian Mitchell, vice president of HSF and the loan’s originator, said. “Their successful track record, paired with the prime downtown Houston location, makes this a very attractive development.”
The hotel is at 1514 Leeland Street, near the intersection of Interstates 69 and 45. The dual-branded hotel will offer a select service lodging option through the Tru by Hilton brand, as well as an extended-stay option through the Home2 Suites by Hilton. The extended-stay portion of the property will offer 400-square-foot suite-style rooms. Hotel amenities include two breakfast dining areas, meeting spaces, an outdoor pool, a fitness room, a guest laundry room and on-site parking.
“We were pleased with the hotel expertise of Hall Structured Finance which allowed them to recognize the quality of this project and provide a loan commitment that was somewhat higher in the capital structure than other lenders,” Alif Maredia, president of PA Hospitality, said in a prepared statement.
“We continue to be bullish on providing financing to high-quality sponsors secured by…