HVS Capital Corp has successfully arranged a $13 million first mortgage financing of the 321–room Radisson Hotel & Conference Center in downtown Fresno, California. Proceeds of this loan were utilized to repay a maturing, securitized first mortgage loan and to exercise the owner’s option to buy out their land lease from the City of Fresno. The acquisition also presented an opportunity to successfully extend the lease term of a second, adjoining parcel used by the hotel and to negotiate a purchase option with the City on that property.
The extensively renovated, award-winning Radisson Hotel & Conference Center with over 20,000 square feet of meeting and banquet facilities is a leading, full-service hotel in California’s Central Valley. Conveniently situated in downtown Fresno, the Radisson is near Municipal, State and Federal offices, and adjacent to the City’s 112,000 square foot Convention & Entertainment Center. The Radisson also benefits Fresno’s gateway location near world renowned Yosemite, Kings, and Sequoia national parks.
“Good performance is the essential component for any new hotel financing in this current environment," according to Michael Sullivan, managing director of HVS Capital Corp. "It is encouraging to have arranged attractive financing for this hotel located in a secondary market.”
HVS Capital Corp is the investment banking division of HVS Global Hospitality Services. The divisions's three core areas of service are financing, investment sales, and capital advisory. The Capital Markets Group of HVS Capital Corp, led by Bill Underwood and Josh Heiney, specialize in arranging both debt and equity for hospitality real estate transactions.
HVS Capital Corp