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.

Coming Up In The April Online Hotel Business Review




Feature Focus
Guest Service: The Personalized Experience
In the not-too-distant future, when guests arrive at a hotel, they will check themselves in using a kiosk in the lobby, by- passing a stop at the front desk. When they call room service to order food, it will be from a hotel mobile tablet, practically eliminating any contact with friendly service people. Though these inevitable developments will likely result in delivered to their door by a robot. When they visit a restaurant, their orders will be placed and the bill will be paid some staff reduction, there is a silver lining – all the remaining hotel staff can be laser-focused on providing guests with the best possible service available. And for most guests, that means being the beneficiary of a personalized experience from the hotel. According to a recent Yahoo survey, 78 percent of hotel guests expressed a desire for some kind of personalization. They are seeking services that not only make them feel welcomed, but valued, and cause them to feel good about themselves. Hotels must strive to establish an emotional bond with their guests, the kind of bond that creates guest loyalty and brings them back time and again. But providing personalized service is more than knowing your guests by name. It’s leaving a bottle of wine in the room of a couple celebrating their anniversary, or knowing which guest enjoys having a fresh cup of coffee brought to their room as part of a wake-up call. It’s the small, thoughtful, personal gestures that matter most and produce the greatest effect. The April issue of the Hotel Business Review will document what some leading hotels are doing to cultivate and manage guest satisfaction in their operations.