The Embassy Suites by Hilton in La Quinta, Calif., has received $23 million in financing, which was arranged by commercial mortgage banking firm Slatt Capital.
The 146-room hotel is situated in the Coachella Valley beneath the Santa Rosa Mountains and targets both business and leisure travelers. The refinance loan for the asset was secured through a Slatt relationship lender and includes a 10-year term, 25-year amortization, five-year fixed plus reset in the low 6 percent range, step-down prepay and cash-out structure.
This refinance is designed to allow the ownership to optimize their capital structure and further enhance the value of the property. Walnut Creek, Calif.-based Slatt Capital’s Scott Monasch, principal/board member, led the advisory on this transaction.
"This refinance for the Embassy Suites in La Quinta underscores the continued strength of the hospitality market in Southern California and our ability to secure favorable financing for well-positioned assets," Monasch said in a statement. "Working with a trusted lender source allowed us to achieve an extremely competitive and very positive outcome of terms and structure for our client.”