JLL’s Resorts & Hospitality Group organized the financing for a 139-key resort in Seattle’s Queen Anne neighborhood
Seattle’s The Maxwell Lodge has secured a $29.5 million refinancing deal. The 139-room boutique resort is situated within the Queen Anne neighborhood of the town. JLL’s Resorts & Hospitality Group organized the deal on behalf of Staypineapple, the borrower.
The mortgage, which gives a hard and fast charge for 10 years, was obtained by a regional credit score union. The five-story resort, which opened in 2010, gives a variety of facilities equivalent to spacious rooms, an indoor pool, a health heart, an on-site bar and restaurant, and 1,600 sq. toes of assembly house.
The Maxwell Lodge is situated on Roy Road, inside strolling distance of a number of main points of interest, together with the Seattle Heart, Area Needle, and Local weather Pledge Enviornment. Its location inside certainly one of Seattle’s prosperous neighborhoods offers the resort with a variety of eating, procuring, and leisure choices, making it a pretty alternative for leisure and enterprise vacationers.
The refinancing course of was managed by a group from JLL’s Debt Advisory division, led by Managing Director Adrienne Andrews and Analyst Jessica Mehra. In response to Andrews, the resort’s robust money stream, prime location, and skilled administration made it an interesting financing alternative. Many lenders expressed curiosity as a result of resort’s constant efficiency and Seattle’s resilient lodging market. The regional credit score union was chosen as probably the most appropriate financing accomplice as a consequence of its flexibility and alignment with Staypineapple’s targets.
Dina Belon, President of Staypineapple, expressed satisfaction with the refinancing consequence and appreciation for JLL’s experience and efforts. She hailed the group’s potential to navigate advanced situations and discover a lender that matched Staypineapple’s long-term imaginative and prescient. Staypineapple, which operates 10 boutique motels throughout the U.S., is planning additional development.
Over the previous 5 years, JLL‘s Resorts & Hospitality Group has accomplished extra transactions than some other motels and hospitality actual property advisor, totaling $83 billion globally. The group, consisting of 370 members throughout 20 nations, has additionally closed over 7,350 advisory, valuation, and asset administration assignments.
