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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

During the series’ first installment, AAHOA focused on the impact COVID-19 is having on the industry and what AAHOA is doing to help.

Chatham Lodging Trust, Park Hotels & Resorts and Summit Hotel Properties recently offered updates on how they are responding to the pandemic.

STR and Tourism Economics project revenue per available room will rise 63.1 percent in 2021.