JLL Secures $9.9 Million in Acquisition Financing for DTC Hotel Brand Conversion
DENVER — JLL’s Capital Markets experts has secured acquisition financing for the brand conversion of the Holiday Inn Express & Suites Denver Tech Center, a 92-key hotel located in Denver, Colorado. Under new sponsorship, the hotel will be converted to IHG’s newest brand, the EVEN Hotel. The loan was secured on behalf of the new owner, Banyan Lane Holdings, LLC. The 3-year, interest-only, non-recourse loan from a bridge lender will allow the sponsor to complete the necessary renovations, implement new management standards and stabilize the hotel under the new brand.
Managing Director Baxter Fain and Christina Grimme led the JLL team on the financing.
“With continued liquidity in the debt markets, we are pleased to see that lending fundamentals remain strong in Denver this year,” said Christina Grimme. “The quality of this asset and strong business plan were key to getting this transaction done.”
Located just off of I-25, the property is situated between Colorado’s largest office parks including the Denver Tech Center, Meridian International Business Center, and Inverness Business Center. The hotel will feature modern guest rooms designed with flexible workplaces and revitilizing bed & bath amenities designed to appeal to the healthier traveler at a mainstream price point. The hotel will be IHG’s seventh location of the EVEN brand, with ten additional markets targeted for expansion this year. Existing EVEN Hotels have the highest Guest Satisfaction across all IHG hotel brands.
Image courtesy of JLL