$28.17 million construction financing secured by HFF for development of Embassy Suites hotel in Amarillo, Texas
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $28.17 million in construction financing to develop the 225-room, full-service Embassy Suites hotel to anchor the Civic Center redevelopment in Amarillo, Texas.
HFF worked on behalf of the developer, NewcrestImage, to secure the financing through Southwest Bank, the largest locally-owned bank in Fort Worth, Texas.
Located at the intersection of 6th Avenue and Buchanan Street, the 200,000-square-foot Embassy Suites hotel will be part of the planned improvements in downtown Amarillo that surrounds Amarillo’s Civic Center, a multi-purpose convention center that will also include retail, a parking garage and an entertainment venue/ballpark. Amarillo is the 14th largest city in Texas and the largest city in the Texas Panhandle. The all-suite, Hilton-branded hotel will feature 30,000 square feet of meeting and function space, 300 parking spots in an adjacent garage for the exclusive use of the hotel, lounge and lobby bar, pool, fitness center and full-service restaurant for breakfast, lunch and dinner. The hotel is expected to be complete in 2017.
The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and director Jim Curtin.
Planting its roots as early as 1993, NewcrestImage is a privately-owned, Texas-based hotel development, construction and management firm. The company’s principals have a combined experience of more than a century in the hospitality industry. Their collective experience, combined with their single-minded dedication to providing guests with first-rate lodging accommodations and best-in-class guest services, are at the core of the company’s continuing success. The company designs, builds and operates state-of-the-art hotels for the most renowned brands in the hospitality industry. For more information, visit www.newcrestimage.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.