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Dealmaker: Hall Structured Finance Closes $40M in Hotel Construction Loans
Hall Structured Finance, Dallas, closed two first-lien construction loans totaling $40.1 million for hotel properties in Houston and Mesa, Ariz.
In downtown Houston, Hall Structured Finance lent $22.8 million to convert a 1950s-vintage Southwestern Bell Telephone Co. office building into a 150-key all-suite Hyatt Place Hotel.
The new select-service Hyatt Place Hotel will include a ground-level dining area, rooftop cocktail bar, indoor pool and 800 square feet of meeting space. The guestrooms will occupy the third through 16th floors of the building and average more than 400 square feet in size.
The project development team included Anthony and Nick Patel, Co-Owners of Pride Management, Beaumont, Texas, which will manage the property upon completion.
The adaptive reuse project is within walking distance of the George R. Brown Convention Center, Minute Maid Park, the Toyota Center and Shell Oil Co. headquarters.
Hall also lent $17.3 million to Khangura Hotels, Tucson, Ariz., to develop a four-story, 127-room Residence Inn by Marriott in Mesa, Ariz.
“The location of the planned Residence Inn across from a major medical center and surrounded by Mesa’s growing tech industry made this hotel a very attractive opportunity for us,” Hall Structured Finance President Mike Jaynes said, noting the Mountain Vista Medical Center across the street.