Marcus & Millichap Capital Corporation (MMCC), a division of Marcus &Millichap (NYSE: MMI), has arranged the refinance of a 103-key hotel in Keystone, Colorado (Breckenridge MSA). The MMCC Capital markets team was led by Dallas-based managing director Pete Fehlman and associate director Jake Marshall.
Fehlman and Marshall worked on behalf of Realty Capital Partners (RCP) to secure the fixed-rate non-recourse financing. With a 30-year history and a national reputation, RCP has invested over $500 million of equity capital in more than 200 U.S. commercial real estate projects. These projects span a variety of sectors including multi-family, hospitality, retail, senior living, residential development, industrial, office, land, and mixed-use developments, totaling over $2 billion in value.
The hotel was originally built in 1989 and underwent a comprehensive renovation/conversion to the Hyatt Place flag in 2018, making the hotel the only branded property in the market. The Hyatt received an $8.5 million capital infusion in conjunction with the renovation. RCP completely revitalized the property, with a heavy focus on the guest rooms, public spaces, lobby/bar, back-of-house and information technology and systems. The property now features 4,493 SF of meeting space (including a 2,252 SF outdoor patio), a fitness center, outdoor hot tubs, business services, and a complimentary resort shuttle.
“Financings on hotels are extremely challenging to get done today, but we were able to procure multiple competitive term sheets at our proceeds ask for a repeat client. We were also able to quicky close this financing 30 days after term sheet execution.,” added Fehlman.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2023, MMCC closed 1,076 transactions totaling $6.7 billion. To learn more, please visit: marcusmillichap.com/financing
