PMZ Realty Capital secures $35M refinancing for 3 hotels

PMZ Realty Capital, a boutique real estate investment banking firm, secured a $35 million, three-hotel portfolio refinancing for Middletown Management, a property management company in Beavercreek, Ohio. PMZ Realty Capital specializes in hotel real estate investment banking nationwide, with an expertise in sourcing capital for the hospitality industry.

"PMZ appreciates its role to successfully guide this transaction. The proceeds will allow for a complete Holiday Inn Express renovation and financing for new construction projects," Peter Berk, president of PMZ Realty Capital, said in a statement. "Successful financing enables hotel owners to meet their business goals and we are thrilled for the Middletown Management team."

The three properties refinanced all are located in Ohio, and are the 118-room SpringHill Suites by Marriott in Beavercreek, the 130-room Holiday Inn North Cincinnati in West Chester and a 111-room Holiday Inn Express & Suites in Dayton.

SpringHill Suites by Marriott - Beavercreek, Ohio

PMZ obtained a 10-year, nonrecourse commercial-mortgage-backed-securities loan with 30-year amortization for the SpringHill Suites.

"PMZ was instrumental in completing this assignment. They presented us with several options and ultimately, we selected a lender that provided for the future stability of these hotels," Har Bhatnager, president/CEO of Middletown Management, said in a statement.

This hotel is located in the Fairfield Commons Shopping complex, which provides restaurant and entertainment options for business and leisure travelers. The property is located near Wright-Patterson Air Force base, Wright State University and the University of Dayton. Major demand generators in the area drawing guests include the U.S. Department of Defense, Lockheed Martin, General Dynamics and Bae Systems.

Holiday Inn Cincinnati North - West Chester, Ohio

Working with lenders, PMZ helped hotel ownership secure a 10-year, nonrecourse CMBS loan with 30-year amortization for the Holiday Inn Cincinnati North.

The 130-room property includes a Johnny's Italian Steakhouse and more than 20,000 square feet of space, plus an on-site wedding chapel. Companies generating demand in the market include Honeywell, Champion Windows, General Electric, Proctor & Gamble and Manheim.

Holiday Inn Express & Suites - Dayton, Ohio

The 111-room Holiday Inn Express & Suites in Dayton opened in 2011 and received IHG's Torchbearer Award in 2013, 2014 and 2016.

"This financing allows for the renovation of this award-winning property," Bhatnager said in a statement. "PMZ was able to secure a fixed-rate loan at an extremely attractive interest rate for Middletown Management."