Fountainhead Commercial Capital announced it closed a hotel loan, financing the $6.7 mil purchase of a 77-room Comfort Inn & Suites in Westminster, CO.
Online PR News – 21-July-2016 – Orlando, FL – Fountainhead Commercial Capital recently announced it closed a hotel loan, financing the $6.7 million purchase of a 77-room Comfort Inn & Suites, located in Westminster, Colorado, just north of the Denver city limits. Purchaser Interstate 17, Inc. financed the acquisition with Fountainhead's loan with plans to renovate the hotel into a Quality Inn and Suites. Located just off Interstate 25, the 40,000-sf hotel sits on two acres near many Denver attractions and shopping districts. It serves business and leisure travelers.
Fountainhead provided the $3,390,429 1st deed of trust, allowing the borrower to acquire this hotel with attractive, long-term fixed interest rate financing at approximately 50% loan-to-value. Fountainhead's loan programs provide financing for the purchase of fixed assets, such as real estate, furniture and fixtures.
"We are so pleased to assist the Truong family with financing the latest addition to their hotel portfolio with a Fountainhead conventional loan," said Chris Hurn, CEO of Fountainhead. "The hotel will be improved in the very near future and offer a new option to travelers in the Westminster area of Greater Denver."
Choice Hotels International, Inc. is one of the world's largest lodging companies. With more than 6,300 hotels franchised in more than 35 countries and territories, it represents more than 500,000 rooms around the globe. The company's Ascend Hotel Collection, Cambria hotels & suites, Comfort Inn, Comfort Suites, Sleep Inn, Quality, Clarion, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge and Rodeway Inn brands provide a spectrum of lodging choices to meet the needs of guests at all levels.
Fountainhead Commercial Capital, a nonbank lender specializing in the SBA 504 loan program and low loan-to-value conventional loans, was founded by some of the most experienced and awarded SBA lenders around. The company's FastTrack 504™ program enables banks and credit unions to fully outsource SBA 504 loans for owner-occupied commercial real estate. More information is available by calling 800-770-1504.