Denver, Colorado September 28, 2010: HVS Capital Corp is pleased to announce that it served as exclusive financial advisor and successfully arranged $58 million in non-recourse, first mortgage financing for the Pomeroy Group and its portfolio of nine hotels located throughout Northern Alberta and British Columbia, Canada. The proceeds from this $58 million first mortgage loan were utilized to retire the existing debt and assist in the recapitalization of the various ownership groups into one consolidated limited partnership.
According to Michael Sullivan, Managing Director of HVS Capital Corp, the hotels in the portfolio comprise 820 keys, are owner operated by The Pomeroy Group, and franchised under the Pomeroy Inn & Suites, Holiday Inn Express, Motel 6, Best Western, and Ramada brands. These various hotels are strategically located throughout this outlying tertiary region, and cater to demand from the robust agriculture and natural resources industries.
“Given the major displacement of Canadian hotel lending platforms,” says Sullivan, “it’s encouraging to see that there is still a select number of lenders actively pursuing financing opportunities on good performing Canadian hotel assets with well established hotel owners.”
About HVS Capital Corp
HVS Capital Corp is the investment banking division of HVS Global Hospitality Services. Its three core areas of service are financing, investment sales, and strategic capital advisory. The Capital Markets Group of HVS Capital Corp, led by Josh Heiney and Bill Underwood, specialize in arranging both debt and equity for hospitality real estate transactions throughout the Americas.
HVS is the world’s leading consulting and services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 2,000 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. We are client driven, entrepreneurial, and dedicated to providing the best advice and services in a timely and cost-efficient manner. Through a worldwide network of 30 offices staffed by 400 seasoned industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit http://www.hvs.com.
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HVS Capital Corp
+1 (303) 512-1225