|New York, NY – March
2017 / Newsmaker Alert / RobertDouglas
announces that it advised on the $57 million refinancing of the Marriott
St. Louis Grand hotel. The five-year, floating rate financing was provided
by a debt fund managed by Apollo Global Management.
St. Louis is renown as a business-friendly city with world-class universities, two legendary major league sports franchises, award-winning restaurants and an abundance of art and entertainment venues that support a dynamic year-round base of hotel demand. The 917-key Hotel, which was acquired by an affiliate of Haberhill LLC in 2014 and converted from a Renaissance-branded hotel to the Marriott Grand following the completion of a comprehensive, top-to-bottom renovation in 2015, is situated directly opposite the America’s Center Convention Center and is a short walk from St. Louis’s famed Gateway National Park and the city’s beloved Cardinal Stadium.
Evan Hurd, a Managing Director of RobertDouglas, noted, “Lenders responded with enthusiasm to the strength of the St. Louis market, the quality of newly-renovated hotel and the healthy in-place cashflow of the Marriott St. Louis.”
“Apollo was thoughtful in their approach to the financing, helping to meet ownership’s goals for the property while delivering highly-competitive terms and pricing as well as being responsive throughout the process,” remarked Doug Hercher, Managing Director and Principal at RobertDouglas.
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry’s pre-eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact email@example.com or go to www.robert-douglas.com.