GRP Capital is pleased to announce the closing ofan acquisition loan for an EconoLodge in Lubbock, Texas. Keren Alpert provided closing services for the transaction.
GRP Capital secured a fully amortized, 25-year permanent loan for the borrower. The loan closed with additional working capital to float startup operations.
GRP Capital Managing Director Krishan Patel noted, “Our clients were ready to purchase this hotel. To be clear, this property was already healthy. But with active on-site hotel management by the clients, the trajectory is only upwards! Sometimes a property needs really active hotel management and oversight. I was happy to work with the clients to facilitate their plan to increase occupancy. In the end, we matched our client with a lender who shared their vision.”
The GRP Capital Originations Team has years of experience in the hospitality industry. We are able to offer price guidance along with PIP budgeting, projection review, and analytical study. These complimentary services not only benefit the borrower in making a decision but also help to educate the lenders about our clients, their plans and goals.
For more information, contact our GRP Capital Team.