Tower Capital recently arranged $5,140,000 in acquisition and renovation financing for the acquisition of the 85-Key TownePlace Suites by Marriott Hotel located in eastern Texas.  The 3-year fixed rate loan will provide the borrower with 77% LTC financing and will allow for a $2,600,000 non-interest bearing holdback for the PIP and additional capital expenditures.  The Marriott branded hotel is located next to major demand drivers including a new $225 million, 123-bed hospital which is currently under construction.  Tower conducted a full marketing process and was able to leverage market interest to secure the most competitive terms by focusing on the assets superior location as well as our Sponsor’s 40-year track record owning and renovating hotels.