Lending Institutions

Wells Fargo continues to deliver on hotel loan promise

3 Feb, 2012

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As we have been reporting, Wells Fargo is one lender who is continuing to lay out money for hotel owners. Case in point, the San Diego Business Journal reports that Virginia-based Apple REIT Eight Inc. has received a $40 million loan from Wells Fargo Bank, secured by two hotels owned by the investment trust, the Residence Inn San Diego Oceanside and a Residence Inn in Burbank. The REIT plans to use loan proceeds to reduce the outstanding balance on its $75 million line of credit with Branch Banking and Trust Co. and to pay transaction costs.

Topic : Wells Fargo, Apple REIT, Lending
External Source : San Diego Business Journal