Access Point Financial (APF), a direct capital provider focused exclusively on the hospitality industry, announced the company has provided a total financing commitment of $126 million on a fully funded loan to American Hotel Income Properties REIT LP (AHIP), a publicly traded real estate investment trust located in Vancouver, Canada. The funding will be used to refinance, renovate, and upgrade a portfolio of 12 premium-branded, select-service hotels totaling 1,233 rooms across the U.S.
The hotel portfolio includes:
— Residence Inn St. Paul Woodbury, Minn.
— Residence Inn San Angelo, Texas
— Fairfield Inn & Suites Asheboro, N.C.
— Home2 Suites San Angelo, Texas
— Courtyard Bismarck North, N.D.
— Staybridge Suites Midland, Texas
— TownePlace Suites Pittsburgh Airport / Robinson Township, Pa.
— Residence Inn Mount Laurel at Bishop’s Gate, N.J.
— Hampton Inn Asheboro, N.C.
— Home2 Suites Midland, Texas
— Courtyard St. Paul Woodbury, Minn.
— Homewood Suites Kalamazoo-Portage, Mich.
The $126 million commitment represents an average loan balance of about $102k per-key and $10.5 million per-property on the select-service portfolio of premium brands from Marriott, Hilton and IHG.
KEY QUOTES:
“As evidenced by this transaction, APF is capable of virtually all levels of financial assistance, from a single asset $10 million bridge loan to more complex transactions to refinance an entire portfolio well north of $100 million. We pride ourselves on being strategic capital partners who work hard to find the right solution for entrepreneurial, select-service hotel owners to large, institutional investors such as AHIP and everything in-between.”
- Michael I. Lipson, CEO & chairman of the board, APF
“Access Point Financial is the capital solution for hotel sponsors who want a lending partner that knows them, understands the hotel marketplace and values flexibility, expertise, and true partnership.”
- James Reivitis, chief development officer, APF
