GRP Capital is pleased to announce the loan closing for a SpringHill Suites by Marriott in south Texas. A SpringHill Suites property is classified as an upper midscale chain by Smith Travel Research (STR). GRP Capital Managing Director Krishan Patel as well as GRP Capital President Rick Patel worked closely with the multiple partners, part of a syndicate who purchased the Texas hotel.
Challenges and Strengths of a Syndicate Purchase:
• Lots of moving parts: A syndicate purchase has many owners, and their percentage of ownership can vary. All lenders require at least some information on the members of the syndicate. Our dedicated loan processing department takes care of these details.
• Working with Key Players: Because the partnership group was large, it was important to designate key players. The key players for this Springhill Suites received all of the emails from GRP Capital and then coordinated with their other partners when necessary. This kept the lines of communication clear and as simple as possible. And it worked!
• Spreading Risk: Syndicate purchases allow the risk of new businesses to be borne by a larger group of people. Syndicates can also mix experienced owners with new investors.
Krishan Patel upon closing this loan stated, “Closing this loan was very important to our clients. They were ready to enter this Texas market and had experience in the upper midscale niche of the hospitality industry. The partnership group was large, but the key players were organized and motivated and we enjoyed getting to know them.”
Our GRP Capital team specializes in finding the right lender for each project. We save our clients time and money, as we research the best choices for their funding sources. Our experience allows our clients to find funding that is project-appropriate and will allow for sufficient cash flow. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.
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- upper mid scale hotel ,