Aries Capital announced that Rushi Shah, SVP of the firm’s Chicago office closed an $8.9-million loan for the Holiday Inn Express of Baytown, Texas on behalf of Pride Management. The property, operational since April 2014, is located at 7515 Garth Road across the bay from Houston and along the Gulf Coast.
Having completed a successful loan for a hotel development in Victoria, Texas earlier this year, Pride Management again sought Aries Capital’s assistance to secure a loan for its Baytown property. Aries Capital was able to secure a new CMBS loan for the borrower to replace the property’s existing full recourse bank construction loan. The permanent, non-recourse, 10-year loan was arranged through the same CMBS lender Aries utilized for the borrower’s previous loan.
Pride Management is private company based in Beaumont, Texas. The firm has a history of development, ownership and management in the hotel industry and has developed 30 hotels throughout Texas and Louisiana with plans to develop an additional 20 hotels throughout the region.