Hôtellerie

$22.9 Million Non-Performing Loan | Spartanburg, SC

Spartanburg, South Carolina Etats-Unis 29306
Prix attendu
Surface
Revenu net Revenu net N/A
Taux de capitalisation N/A

Caractéristiques

Loan Status Non-Performing
Unpaid Principal Balance
Type d'actif Hospitality

Description

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to arrange the sale of a $22.9 million non-performing mortgage loan (the "Loan") secured by a first-priority lien mortgage on a 247-key full-service hotel located in downtown Spartanburg, SC (the "Collateral"). The CMBS Loan was originated in December 2016 with a principal balance of $24.0 million ($97,100 / key) and was performing until May 2020, when pandemic restrictions and lockdowns led to the Borrower's default. The Loan provides a unique opportunity for an investor to acquire a COVID defaulted Loan and provides flexible resolutions via foreclosure or a Borrower workout.


Collateral for the Loan is a 247-room full-service hotel located in downtown Spartanburg, South Carolina. Standing 9-stories tall, the hotel is currently ranked #1 overall out of 33 hotels for the Spartanburg market, according to TripAdvisor. The Property operates under a franchise agreement that expires in January 2031 (9 years remaining). The Borrower's interest in the Collateral is a leasehold, with a right to purchase the Fee after August 2025. The Loan is currently non-performing and has a unpaid principal balance of $22,884,376.


CLICK TO ACCESS THE CONFIDENTIALITY AGREEMENT

Informations Clés

ATTRACTIVE BASIS: The Loan offers the opportunity to acquire a credit position on a preeminent asset within a growing southeastern market, Spartanburg, SC, at a total basis of $92,650 a key. The last-dollar basis is at a discount from the origination appraisal of $162,350/key (43%).


#1 HOTEL IN THE MARKET: When the Loan originated in 2016, in a guest satisfaction survey covering 339 like-branded hotels across North America, the Collateral ranked #6 overall with a guest satisfaction score of 72.1%. According to TripAdvisor, the hotel is currently ranked #1 overall out of 33 hotels in the Spartanburg market.


LEASEHOLD WITH OPTION: The Collateral is currently a leasehold with expiration in January 2061 (39 years remaining). Ground rent is fixed at $200,000 per annum through the life of the lease. The lease grants the Borrower the option to purchase the fee interest at any point after August 31, 2025.


FUTURE CAPEX PLAN: Despite being ranked #1, Management has plans for an upcoming renovation due to the vintage of the last renovation (2013). The current plans will primarily target guestrooms (40.5% of total) and F&B (21.3%).

Last Updated Date: 05 Jan 2022

Une erreur est apparue lors de votre requête. N'hésitez pas à la soumettre à nouveau. Si elle devait persister, n'hésitez pas à nous en faire part ici.

 

DÉCLARATION DE CONFIDENTIALITÉ 

Jones Lang LaSalle (JLL), ainsi que ses différentes filiales et entités, est une société internationale leader du conseil en immobilier d'entreprise. Nous prenons la responsabilité de protéger avec la plus grande rigueur les informations personnelles qui nous sont confiées. 

En règle générale, les informations que nous recueillons sur vous nous permettent de traiter ou de répondre à votre demande. 

Nous nous engageons à conserver les informations personnelles qui nous sont confiées, avec le niveau de sécurité approprié, et aussi longtemps que nous le jugerons nécessaire pour toute raison professionnelle ou légale. Nous supprimerons ensuite vos données de manière sûre et sécurisée. À tout moment, vous avez la possibilité d’affiner vos préférences en termes de communication et de vous désabonner. 

Pour plus d'informations sur la manière dont JLL traite vos données personnelles, veuillez consulter notre déclaration de confidentialité.

Last Updated Date: 05 Jan 2022

Vous avez des questions ? Consultez notre page FAQ

Financement JLL

JLL peut vous accompagner dans le financement et la gestion de votre portefeuille.
Contactez-nous pour découvrir comment nous pouvons vous aider.