Spirides Hotel Finance Company successfully provided and the borrower formally closed loans of $7 million to refinance existing mortgage debt and fund renovations at the Holiday Inn Express and Clarion Pointe hotels in Sylva, NC.
The 67-room Holiday Inn Express Sylva, NC is located at 26 Rufus Robinson Road. His property has retained the services of Spirides Hotel Finance Company to provide them with a new conventional mortgage which has a much lower fixed interest rate than their previous mortgage as well as additional funds to complete a full Holiday Inn Express. “Blue Formula” renovation.
At the same time, the same owner wanted to refinance the mortgage debt of his 69-room Clarion Pointe Sylva, North Carolina hotel, located at 2807 U.S. Highway 74 East, to obtain a fixed interest rate much lower than his mortgage. former. as an additional cash advance to pay off the brand conversion renovation they had just completed.
Sylva in Jackson County, North Carolina is located in the mountainous Nantahala National Forest. Jackson County’s economy is based primarily on ecotourism. Visitors are drawn to the area for its beautiful scenic mountain terrain, fall leaf color, the Blue Ridge Parkway, Great Smoky Mountains National Park, Harrah’s Cherokee Resort Casino, and Western Carolina University. Sylva offers a quaint, walkable town center with shops, restaurants and breweries. Jackson County is within driving distance of a number of major metropolitan areas, including Charlotte, Atlanta, Knoxville, and other cities.
“I am very pleased that we were able to provide this permanent, long-term favorable financing to our client, the borrower in this transaction. Both of these hotels have seen a very strong recovery from the COVID-19 pandemic. In 2021, they saw revenue gains in the double digit percentages compared to 2019 revenue before the pandemic. Popular drive-in leisure destinations like this region have performed well during the COVID-19 pandemic as fewer people flew or took international trips,” said Harry G. Spirides, President of Spirides Hotel Finance Company who led the debt placement team representing the borrower in this transaction. “In fact, the neighboring Great Smoky Mountains National Park, which is the most visited of all US national parks, has seen a 57% increase in visitors over the past ten years. Fourteen million people visited the park in 2021. This is an incredible generator of local commercial demand for these two hotels,” adds Spirids.
Spirides Hotel Finance Company arranged for a regional bank based in the southeastern United States to provide these two conventional mortgages which feature a 25-year term, 25-year amortization and a fixed interest rate very low which will adjust every 5 years.
About Spirides Hotel Finance Company
Based in Tampa, Florida, Spirides Hotel Finance Company arranges mortgages and loans for hotel owners across the United States for construction, acquisition, debt refinancing, renovations and other types hotel capital projects. Spirides charges no upfront fees and offers its clients the best terms available in the market along with exceptional service and fast turnaround.
Members of the Spirides family have owned, operated, developed and advised hotels and restaurants for 100 years, dating back to the mid-1920s. In fact, in 1970, the late father of founder and chairman Harry G. Spirides, George H. Spirides, helped his good friend Cecil B. Day design, open and manage the world’s first Day’s Inn near Savannah, Georgia, and he went on to become the first manager of the world’s first Day’s Inn at the start of his career as an owner and operator of distinguished hotels.
Harry G. Spirides is a former owner and operator of a full service 205 room beach hotel for over 20 years. He is a third generation hotelier with over 30 years experience in full service hotels. He rose through the ranks of his family’s hotel company holding every position from restaurant dishwasher to receptionist, general manager and general manager. Today, Harry Spirides, through his Spirides Hotel Finance Company, finds it very rewarding to support hotel owners in their financing needs, having “walked a thousand miles in their shoes.”
More information, visit https://hospitality-finance.com.
Harry G. Spirides
President, Spirides Hospitality Finance Company
Spirides Hotel Finance Company