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.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

Suggested Articles

U.S. occupancy has risen week over week for 15 of the last 16 weeks, although growth in demand has slowed.

A strong balance sheet and the appeal of drive-to destinations is giving the company's leaders reasons for hope.

Hyatt Hotels Corporation hailed Q2 recovery in China and South Korea, but added that demand was building more slowly elsewhere.