Aries Capital arranges $8.9M loan for Texas Holiday Inn

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.

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Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.