Barings Provides $24M Refi for Residence Inn in Tempe, Ariz.
The 173-room hotel in Downtown Tempe opened in 2013 and was renovated this year
By Brian Pascus October 30, 2024 8:30 am
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An affiliate of the Finvarb Group has secured $24 million to refinance Residence Inn Tempe Downtown/University, a 173-room hotel in Downtown Tempe near the Arizona State University campus, Commercial Observer has learned.
Barings provided the five-year year loan, while a Colliers (CIGI) team of Ben Greazel and Cody Simmons arranged the financing.
Tom Cross, managing director with Barings, noted in prepared remarks the Finvarb Group’s long history of hotel ownership and development, and said his firm looks forward to continuing its investment in an asset it first loaned on more than a decade ago, and helped renovate this year.
“We believe the long-term outlook for hotels in fast-growing metro areas like Phoenix remains favorable — particularly for hotels that cater to a mix of business and leisure demand — and present an attractive lending opportunity,” said Cross in a statement.
Located at 510 South Forest Avenue in Tempe, Residence Inn Tempe Downtown/University opened in 2013 and operates under the Marriott umbrella. The hotel features a rooftop pool, a business center, and the capacity for 390 people to hold events across four meeting rooms. The hotel sits less than a mile north of ASU and five miles east of Phoenix’s Sky Harbor International Airport.
The hotel is owned by Tempe RI, a limited liability company, under the Finvarb Group.
The Finvarb Group did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
