PMZ Realty Capital closes $32M loan on three-hotel portfolio

The Hyatt Place Airport North in Atlanta. Photo credit: Hyatt Hotels Corporation

PMZ Realty Capital, a national boutique real estate investment banking firm, closed a $32-million, fixed-rate loan to refinance a three-property portfolio in Georgia.

The portfolio comprises the 150-room Hyatt Place Airport North in Atlanta; the 132-room Hampton Inn Atlanta/Norcross in Norcross, Ga.; and the 80-room Fairfield Inn & Suites in Commerce, Ga.

“The borrower turned to PMZ as their advisor for this complex refinancing as one of the properties was less than two years old, and another was acquired a year ago,” Michael H. Sonnabend, managing member of PMZ Realty Capital, said in a statement. “We were able to help them secure a loan at a fixed rate below 4.85 percent for 10 years that gave them the ability to take cash out of the deal.”

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.

“This was a complicated deal with a lot of moving parts. We benefited from PMZ’s process, attention to detail and proactive culture,” Paul Patel, president, Elite Hotel Management Group, said in a statement. “PMZ exceeded our expectations, and we look forward to working with them again as we continue to grow our hotel portfolio.”

Suggested Articles

The company could see occupancy and revenue per available room levels in China return to their 2019 numbers by next year, despite travel restrictions.

The holding company believes MGM's online gaming business will grow—but was also drawn to the entertainment giant's hospitality sector.

Hotel Internet Services has released the results of its latest survey analyzing how in-room entertainment and technology expectations are changing.