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Marketplace Listing - Hospitality

Hospitality Acquisition Opportunity: DoubleTree Hotels

Various, Various

Unlisted

Asking Price:
  • Asset Type
  • Note
  • Property Type
  • Hospitality
  • Unpaid Balance (UPB)
  • $57,062,193
  • UPB As Of Date
  • Jul 01, 2021
  • Origination Date
  • Mar 29, 2018
  • Maturity Date
  • Apr 09, 2021
  • Loan Rate
  • 4.60%
  • Loan Count
  • 1
  • Hospitality Type
  • Select Service
  • Number of Rooms
  • 891 Rooms
  • Function Space Area
  • 75,167 Sq Ft

2 Select-Service Hotels | Omaha, NE & Portland, OR

Newmark has been exclusively engaged to offer investors the opportunity to potentially acquire a loan and/or deeds in escrow on two DoubleTree Select-Service Hotels (downtown Portland, Oregon or downtown Omaha, Nebraska). The Lender and Borrower are currently working towards an agreement whereby the deed for each property will be put into escrow and the Lender may have the ability to assign the deed to either or both hotels to the Winning Bidder as a resolution to a $57.1 million loan (Maturity Default since April of 2021).

• The Portland DoubleTree Hotel has 477 guestrooms and features 44,568 square feet of meeting space, an outdoor pool and a fitness center. Approximately $8.8 million (~$18,500/key) was recently spent as part of a PIP.
• The Omaha DoubleTree Hotel has 414 guestrooms and features 30,599 square feet of meeting space a fitness center and an indoor pool. Approximately $9.2 million (~$22,200/key) was spent as part of a recent PIP.

Both Hotels are optimally located in the heart of their respective central business districts and are proximate to a multi- tude of demand generators including coveted corporate addresses, convention centers and universities. Continuing recovery from Covid 19 coupled with the brand new renovations are expected to result in stronger than historical performance for both hotels.

The offering presents investors with the unique opportunity to acquire recently renovated Hilton-flagged hotels in two established downtown locations. The Hotels each boast strong pre-Covid cash flow, remained open during the pandemic and have experienced demonstrable improvements in recent months. The sale presents an attractive acquisition opportunity of a loan, and potentially a deed in escrow, for a discerning hotel investor at a significant discount to replacement cost and at a basis where market share and economics can be greatly increased.

Investment Highlights

INDIVIDUAL OFFERINGS
Investors may have the opportunity to pursue each asset individually

DISCOUNT TO REPLACEMENT COST
Hotels available at basis well below replacement cost

SIGNATURE BRAND AFFILIATION
Both Hotels benefit from their affiliation with Hilton and its vast loyalty program

CLEAR PATH TO ASSET(S)
Deed(s) in Escrow may be available to provide a clear path to each hotel asset

RECENTLY REPOSITIONED
Property just underwent over ~$18 million ($20,200/key) of PIP and elective renovations

EXCELLENT LOCATION & ACCESSIBILITY
Prime locations in the heart of respective CBDs with convenient access to major thru-ways and airports

Download Offering Memorandum

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Unlisted

Asking Price:

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