GRP Capital is pleased to announce that Ryan Dumas, Senior Associate at the Fort Myers based firm, originated an acquisition loan for a recently flagged SureStay Plus in San Antonio, TX. The sellers had converted this property to a SureStay Plus in late 2018.
The GRP Capital team secured a fully amortized, 25-year permanent loan for the borrower. In addition, the loan proceeds included working capital and closing costs. Ryan Dumas knew both the buyer and seller and was happy to arrange financing.
Dumas noted, “This property is perfectly poised to be profitable at its current location. The seller had worked hard to convert the property into a SureStay Plus. Clearly, reflagging this hotel was a great decision, based on solid market research. As it turned out, the seller was unable to continue to manage the reflagged property and was ready to sell. The borrower is an experienced hotelier who is able to take this business to the next level.”
The full-service team at GRP Capital have years of expertise in the hospitality industry. As a result, we are able to provide guidance surrounding franchise selection and value-add improvements. If you are considering rebranding or upgrading your current franchise package, we can assist you. We can help in securing funding and creating a timeline for making these changes.