Access Point Financial is providing a $29.25 million bridge loan to American Hotel Income Properties to refinance and renovate a three-hotel portfolio.
The deal marks Atlanta, Ga.-based AFP’s second transaction in recent years with American Hotel Income Properties, a Vancouver, Canada-based publicly traded REIT. The three-hotel portfolio includes the 113-room Courtyard by Marriott Wall at Monmouth Shores Corporate Park in New Jersey; as well as the 81-room Courtyard by Marriott Tampa North/I-75 Fletcher and 80-room Fairfield Inn & Suites Orlando Ocoee, both of which are in Florida.
“The three hotels are flagged by Marriott under long-term franchise license agreements,” Nicholas Meli, managing director, APF, said in a statement. “These are well-performing hotels that benefit from strong locations and multiple demand generators. The flexible financing will benefit ownership, offering hold/sell optionality.”