Maxim Capital, Beach Point Lend $55M on Three Phoenix Airport Hotels
By Cathy Cunningham February 2, 2023 9:00 am
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Caliber Companies has snagged a big catch, just before Super Bowl LVII kicks off at nearby State Farm Stadium.
Maxim Capital Group and Beach Point Capital Management have provided a $55 million bridge loan to the sponsor for three of its airport hotels in Phoenix, Commercial Observer has learned.
CBRE (CBRE)’s Lawrence Britvan negotiated the floating-rate financing on behalf of the Scottsdale, Ariz.-based sponsor.
“We’re pleased to have completed the financing for these hotels, which are progressing well post-pandemic,” Chris Loeffler, CEO of Caliber, told Commercial Observer. “We are very proud of the fact that we were able to keep these and other hotel properties in Caliber’s portfolio open during the pandemic, and look forward to continuing to grow their business.”
The hotels covered by the financing are the Crowne Plaza Phoenix Airport, the Holiday Inn & Suites Phoenix Airport and the Hilton Phoenix Airport. Caliber purchased the three assets between 2012 and 2016. The company’s $34.8 million acquisition of the Hilton in December 2016 was the most recent — and with the biggest price tag.
The transaction closes at a time when financing is scarce, to say the least, but one source familiar with the deal noted that despite the COVID pandemic stalling both domestic and international travel and pummeling occupancy rates, the hotel sector has since shown a “massive rebound.” The three airport hotels are also well positioned to capture business from Phoenix travelers, and reap the benefits of the city hosting this year’s Super Bowl.
No strangers to hospitality financing, Beach Point and Maxim Capital also teamed up late last year on a $32 million loan for ASAP Holding’s acquisition and redevelopment of Radisson Austin North, a 293-room hotel in Austin, Texas.
Officials at Maxim and CBRE declined to comment. Beach Point officials couldn’t immediately be reached for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
