Walker Reynolds Lodging Partners refinances four hotels

Access Point Financial has originated $45.75 million in floating-rate debt to refinance four hotels owned by Walker Reynolds Lodging Partners, a Colorado-based private real estate investment firm. The hotels are all managed by Aileron Management, the management company of WRLP, and include a Residence Inn by Marriott in South Carolina and three Hampton by Hilton hotels in Iowa and Wisconsin.

APF wrote separate, cross-collateralized loans on the properties, which include the 96-unit Residence Inn by Marriott Charleston North/Ashley Phosphate (S.C.), the 135-unit Hampton by Hilton West Des Moines Lake Drive (Iowa), the 122-unit Hampton by Hilton Appleton (Wis.) and the 119-unit Hampton by Hilton Milwaukee/Brookfield (Wis.)

Berkadia brokered the refinancing package. WRLP plans to use the proceeds for planned renovations on the hotels and funding reserves, as well as paying off an undisclosed amount of debt and covering closing costs.

“We are pleased that we could meet the financial needs of Walker Reynolds, in order to provide the funds needed to keep these strategically located properties up-to-date, competitive and financially well positioned,” said Matt Hick, the loan originator for APF, in a statement.

The refinancing package included a $11.98 million loan on the North Charleston Residence Inn, which is located in the northern portion of the Charleston Airport submarket. The Hilton West Des Moines, which received a $11.01 million loan, is in the eastern portion of the Des Moines Airport/West lodging market. The package also included a $13.48 million loan on the Hampton by Hilton in Appleton. The final portion of the package was a $9.28 million loan on the Hampton by Hilton Milwaukee/Brookfield in the northeastern portion of the Milwaukee West & South lodging market.