National boutique real estate investment banking firm PMZ Realty Capital closed two loans totaling $20 million for two IHG properties located in suburban Detroit and suburban Philadelphia: The Holiday Inn Philadelphia South-Swedesboro and the Holiday Inn Express & Suites Detroit-Novi.
The 161-room Holiday Inn Philadelphia South-Swedesboro provides guests with access to Pureland Industrial Park, Adventure Aquarium, Lincoln Financial Field and many historical sites including the Mullica Hill area. The hotel has more than 5,000 square feet of meeting space.
“We have closed almost a dozen deals with PMZ over the past 10 years,” Bill McNamara, managing partner at Haverford Hotel Partners, said in a statement. “PMZ always impresses us with their creativity, insightfulness and integrity. They were right on the money with this transaction.”
The 92-room Holiday Inn Express & Suites Detroit-Novi is located 30 minutes outside of Detroit, and provides access to convention centers and sports arenas including the Suburban Collection Showplace Arena and the Novi Ice Arena. The property is located near corporations such as Nissan Haman Ryder, ITC Holdings, Hewlett Packard and MI Cat.
“Both borrowers were able to secure loans on these assets from different banks to help them achieve their specific goals,” Michael H. Sonnabend, managing member at PMZ Realty Capital, said in a statement. “The Holiday Inn Express was a new client looking to take out significant capital to help them expand their corporate footprint with new acquisitions. The Holiday Inn was a longstanding client we have completed over a dozen transactions within the past 10 years, and they were looking to refinance existing debt and utilize proceeds to complete a relicensing PIP in excess of $2 million.”