Peachtree Group Refis Charlotte Hotel With $41M Loan
Doradus Partners has nabbed $41 million of bridge financing to refinance a Hilton-branded Charlotte hotel property, Commercial Observer has learned.
Peachtree Group, formerly Stonehill, provided the floating-rate loan on Doradus’ 181-room Home2 Suites by Hilton Charlotte Uptown.
Berkadia’s Michael Weinberg and Rebecca Van Reken arranged the transaction.
Huntsville, Ala.-based Doradus Partners debuted its Charlotte Home2 Suites hotel at 610 South Caldwell Street in 2019 after receiving a construction loan of around $30 million from Stonehill, which was paid off with a bridge loan of approximately $20 million in early 2020.
The new bridge debt pays off the 2020 bridge debt, according to Michael Harper, executive vice president at Peachtree Group.
“They have created a lot of value since development,” Harper told CO.
The hotel opened in 2019 shortly before the COVID-19 pandemic disrupted the hospitality market with lengthy travel restrictions. Harper said the hotel, which features two meeting rooms, is benefiting from an expansion of the nearby Charlotte Convention Center completed in 2021.
“The forward booking pay for the hotel is up, and part of that is driven by the convention calendar,” Harper said.
Harper added that the hotel also attracts leisure travelers with its close proximity to the NASCAR Hall of Fame and Bank of America Stadium, home of the National Football League’s Carolina Panthers.
“We had tremendous interest from lenders who saw the quality of the asset, sponsor and continued ramp-up of cash flow,”Weinberg said.
Officials at Doradus Partners did not immediately return requests for comment.
Andrew Coen can be reached at email@example.com