HVS Capital Corp (“HVSCC”) is pleased to announce that it served as exclusive financial advisor to Sejwad Hotels (“Sejwad”) and successfully arranged $31.0 million in first mortgage financing used to pay off an existing note with Rialto Capital, at a discounted amount, on a three-hotel portfolio in Columbia, South Carolina.
The three hotels - the Sheraton Downtown Columbia, the Holiday Inn Columbia North, and the Holiday Inn Express Columbia-Fort Jackson (the “Hotels”) - are relatively new properties that opened during this economic downturn. Nonetheless, HVSCC was able to demonstrate the unique attributes of each of the Hotels that assured some degree of future operating success.
Sheraton Columbia Downtown
Holiday Inn Columbia North
|Holiday Inn Express Columbia-Fort Jackson|
According to Bill Sipple, Managing Director of HVS Capital Corp, “In arranging this financing, HVSCC capitalized on its strong industry relationships to help generate a term sheet expeditiously and close the loan within a tight timeframe. With the current loan already in maturity default, meeting the timeframe was crucial to Sejwad’s ongoing ownership position.” “Additionally, HVSCC was able to obtain financing at 100% of the discounted payoff amount, which in some lending circles effectively amounts to a 100% LTV ratio” says Sipple.
(photography available upon request)