The LCP Group, a vertically-integrated, private real estate investment firm specializing in hospitality investing and lending, has closed on a $85 million refinance for the renowned Brown Palace Hotel and Spa, Autograph Collection, and the Holiday Inn Express Denver Downtown, both located in Denver.
The $85 million refinancing package for Crescent Real Estate, facilitated by LCP, includes a senior loan from Benefit Street Partners and a mezz loan from a partnership between LCP and Ares Management Real Estate funds.
“Amidst today's complex capital markets landscape, LCP’s achievements in managing complex transactions serve as a testament to our proficiency in tailoring customized financial strategies for best-in-class hotel sponsors like Crescent Real Estate,” LCP CEO and President Francis Lively said in a statement. “Our approach is further strengthened by our robust partnerships and our deep-rooted knowledge of the hospitality industry.”
“Additionally, we are excited about our partnerships, a crucial milestone in our development, and we look forward to future joint ventures with them. This venture also represents our continued partnership with Benefit Street Partners, serving once again as the senior lender.”
Situated in downtown Denver, the 474-key Brown Palace Hotel Complex has a prime location with immediate access to key demand hubs, including the CBD, River North Arts and Lower Downtown districts. The Brown Palace has a rich and storied history of more than 130 years.