PHILLIPS REALTY CAPITAL SECURES $18.7 MILLION CONSTRUCTION LOAN FOR NEWPORT HOSPITALITY GROUP RESIDENCE INN ADJACENT TO VIRGINIA TECH
Bethesda, MD, July 18, 2016 -- Phillips Realty Capital today announced that it secured an $18,667,500 construction loan on behalf of Newport Hospitality Group, Inc. and Collegiate Inn of Blacksburg, LLC. for the development of a new Marriott Residence Inn adjacent to the campus of Virginia Tech in Blacksburg, Virginia. The six-story, 126-room extended stay hotel will feature suites with fully equipped kitchens and living rooms, an indoor pool, and a 24/7 workout room.
The new hotel will be part of the newly constructed University Crossroads, a mixed-use re-development center at the preeminent corner of University City Boulevard and Prices Fork Road. University Crossroads sits catty-corner to Virginia Tech‘s new visitors center and the main entrance to the university. The opening of the new Marriott Residence Inn is anticipated in mid-2018.
Phillips Realty Capital Managing Director Brian Boland structured the financing with a regional bank.
“Phillips leveraged their hospitality sector expertise and relationships with key capital sources to structure an attractive financing package in a tightening market,” said Andrew Carey of Newport Hospitality Group. “This property has significant potential, and Phillips helped us present that to prospective lenders.”
About Phillips Realty Capital
Phillips Realty Capital is a leader in Washington, D.C. commercial real estate finance, structuring approximately $1.2 billion in debt and equity transactions a year and servicing a $2.0 billion loan portfolio on behalf of 25 institutional investors. Established in 1933, Phillips has a proven track record of collaborating with premier property owners, lenders, and investors to structure the most competitive transactions available in the market. With offices in Bethesda, Richmond and Charlottesville, dedicated teams of experts deliver reliable financial analysis, precise valuations, and deep knowledge of capital markets to engineer the proper mix of capital to meet each client’s needs.
Read more at http://www.phillipsrealtycapital.com
ABOUT NEWPORT HOSPITALITY GROUP, INC.
Newport Hospitality Group, Inc. (“NHG”), located in Williamsburg, Virginia, is a full service hotel management company. NHG operates 30 plus hotels in the Eastern United States, including brands; Candlewood Suites, Holiday Inn, Holiday Inn Express, Hilton Garden Inn, Hampton Inn, Hyatt Place, Courtyard by Marriott, SpringHill Suites, Fairfield Inn, TownePlace Suites, Sleep Inn, Cambria Suites and Comfort Inn and Suites.
ABOUT COLLEGIATE INN OF BLACKSBURG, LLC
Collegiate Inn of Blacksburg, LLC (“CIB”), located in Haymarket, Virginia, partners with universities to develop luxury Hotel Condominiums that cater to university alumni. These alumni generally have strong ties to their university and are strong supporters of the university’s athletic programs. Collegiate Inn Condo-Hotels operate as full-service, luxury hotels that reflect the sophistication, warmth and spirit of its owners and guests.
ABOUT Residence Inn by Marriott
Residence Inn by Marriott is the global leader in the extended-stay lodging segment, with more than 750 properties located in the United States; Canada; Europe; the Middle East and Central America. Designed for long stays, the brand offers spacious suites with separate living, working, and sleeping zones. Fully functional kitchens; grocery delivery service; 24-hour markets and complimentary breakfasts help guests maximize their time and thrive while they travel. The RI MixÔ evening events afford guests the opportunity to socialize and connect with the local community. Each Residence Inn offers free Wi-Fi in both public and guests spaces to ensure continuous connectivity while on the road.
As a member of the Marriott International portfolio, Residence Inn participates in the award-winning Marriott Rewards® frequent guest program. Members earn their choice of points toward free vacations or frequent flyer mileage for dollars spent at any of the more than 4,500 Marriott hotels worldwide
For more information or reservations, call the Residence Inn toll-free number at 800-331-3131 or visit residenceinn.marriott.com. For travel tips, the latest on the brand or to connect with other travelers, “like” Residence Inn on Facebook: www.facebook.com/residenceinn and follow Residence Inn on Twitter: www.twitter.com/residenceinn.
Rendering and Residence Inn fact sheet available