The RRA Capital team has recently financed the acquisition of two hospitality properties in Texarkana, TX, a major transportation hub in the Dallas/Fort Worth area.
Built in 2006, the first property is a four-story, 85-room extended-stay Marriott TownePlace Suites. Extended-stay hotels have proven one of the most resilient hospitality property types during the Covid-19 Pandemic. TownePlace Suites is a brand operated by Marriott International. The chain is part of the mid-tier extended stay lodging segment of the hospitality industry and consists of all-suites hotels.
The second property, built in 2003, is a three-story, 90-room limited-service Courtyard by Marriott. Courtyard by Marriott is a brand of hotels owned by Marriott International. One of Marriott’s mid-priced brands, the hotels are primarily targeted to business travelers, but also accommodate traveling families.
In addition to acquisition financing, RRA Capital provided a commitment for additional dollars to complete the planned PIP at each property, for a total commitment of $10.2MM on a non-recourse, interest-only basis.
Special recognition goes out to Kyle McDonough of Tower Capital for arranging this transaction!
We are continuously looking for new lending opportunities in the sub $20MM real estate space, let’s work together!