Vista Capital Company recently arranged $50,000,000 of financing for the following six hotels:
- Courtyard by Marriott – Columbus, Ohio
- Hampton Inn – Lafayette, Indiana
- Homewood Suites – Lafayette, Indiana
- SpringHill Suites – Terre Haute, Indiana
- Holiday Inn – Terre Haute, Indiana
- Homewood Suites – Munster, Indiana
The loans were funded in two transactions. One was funded by a bank and the other by a CMBS lender. "Despite the negative impact of Covid on the hospitality sector in aggregate, many hotels are thriving, and financing is plentiful for those assets," said Zak Selbert, founding principal at Vista Capital.
The Courtyard by Marriott in Columbus was able to undergo a $5 million renovation because of this financing, significantly improving its standing in the market. Cash flow is now increasing at all of the hotels, which are owned and operated by one of the most experienced development groups in the region.
The Terre Haute market will soon be boosted by a new convention center, while the other markets are powered by university demand, sports, and other stable drivers.