Business & Finance

HFF Secures $14.14 Million Refinancing for DoubleTree Hotel Near Washington, D.C.

CHICAGO, IL. January 4, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $14.14 million refinancing for DoubleTree by Hilton Hotel Largo/Washington D.C., a 184-room, full-service hotel in the Washington, D.C. community of Largo, Maryland.

HFF worked on behalf of the borrower, Frontier Development & Hospitality Group, to secure the seven-year, 4.1-percent, fixed-rate, non-recourse loan through a financial institution. Loan proceeds were used to refinance an existing construction loan used to acquire, renovate and rebrand the hotel from a Radisson into a DoubleTree. The financing also enabled the release of excess land that had been encumbered by the previous loan.

Named the No. 1 hotel on TripAdvisor for the Largo market, the newly-renovated DoubleTree by Hilton Hotel Largo/Washington D.C. is the only Hilton-branded hotel in the Largo, Landover and Hyattsville business corridor. The six-story hotel features 2,700 square feet of meeting space; an indoor, heated swimming pool; fitness center; business center; market pantry and two food and beverage options, XC BAR & BISTRO and the SC LOUNGE. Situated at 9100 Basil Court in Largo, the hotel is located just off Landover Road, which provides easy access to Interstate 495 (the Capital Beltway). The hotel is less than two miles from the Largo Town Center Metro station in the heart of Largo and proximate to FedEx Field. The DoubleTree by Hilton Hotel Largo/Washington D.C. is in the northern part of Prince George’s County, which has more than 19.7 million square feet of office space.

The HFF debt placement team representing the borrower was led by director Jeff Bucaro and real estate analyst Nicole Schmidt with assistance from managing director Mark Remington.

“This was the second financing assignment that Jeff has closed for us, and, each time, he was able to obtain terms that were superior to the market,” said Frontier CEO Evens Charles.

About Frontier Development & Hospitality Group

Frontier Development was founded in 1998, originally as a residential real estate acquisition and development firm. In 2009, the firm relocated its offices to Washington, D.C, and rebranded as Frontier Development & Hospitality Group shifting its investment focus to lodging assets. It has since acquired and developed hotels assets with a total capitalization of over $150 million, completing over 75 real estate transactions since its inception. The firm’s management team brings expertise in the areas of acquisitions, dispositions, development, construction management, asset management and finance. Learn more at frontier-development.com.

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.

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Human Resources: Inspiring a Journey of Success
In an increasingly competitive environment where hotels are competing to attract, and more importantly, to keep top talent, Human Resource managers are realizing the need to focus on improving their Employee Experience. Smart managers are embracing the idea of Employee Wellness which translates into a system of physical, mental, emotional, and purposeful well-being. Some organizations are even providing free counseling for their employees and their dependents. The goal is to nurture, support and engage with their employees in a way that increases productivity, improves customer service, enhances loyalty, and creates a more harmonious work environment for all. Along with this development is the need for more effective, ongoing training. Many HR managers rely on external training firms for this, but there is a growing trend which taps the experience and expertise that already exists within the organization. For example, younger employees likely have greater knowledge of social media which an older generation might struggle with. Harnessing this peer-to-peer learning can be an efficient and cost effective way of increasing skills, and as a result, the knowledge transferred is likely to be more acceptable and relevant. Finally, HR managers need to foster an environment that empowers people and taps into their full potential, inspiring a personal journey of success. The March Hotel Business Review will take a look at some of the strategies and techniques that human resource directors are currently developing in order to achieve success.