Holiday Inn is a 228 key full service hotel built in 1981 and located in Phoenix, Arizona. Having close proximity to Sky Harbour airport and renovated in 2011, the borrower is performing extensive capital improvements including a major renovation of the hotel’s restaurant.

The client’s objective was to add value through additional capital improvements, as well as by producing operational efficiencies through the use of shared staff and management from another hotel asset they own in the vicinity.

Tower Capital was not only able to accomplish the client’s financing objectives, but was able to do so within a 30-day timeframe. The 75% loan-to-cost loan was inclusive of both renovation costs as well as working capital.