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 May Online Hotel Business Review




Feature Focus
Eco-Friendly Practices: The Value of Sustainability
The hotel industry continues to make remarkable progress in implementing sustainability policies and procedures in their properties throughout the world. As a result, they continue to reap the benefits of increased profitability, enhanced guest experiences, and improved community relations. In addition, as industry standards are codified and adopted worldwide, hotels can now compare how their operations measure up against their competitors in terms of sustainable practices and accomplishments. This capacity to publicly compare and contrast is spurring competition and driving innovation as hotels do not wish to be left behind in this area. Water management and conservation is still a primary issue as population growth, urbanization, pollution and wasteful consumption patterns place increasing demands on freshwater supply. Water recycling; installing low-flow fixtures; using digital sensors to control water usage; and even harvesting rainwater are just a few things that some hotels are doing to preserve this precious resource. Waste management is another major concern. Through policies of reduce, reuse and recycle, some hotels are implementing “zero-waste” programs with the goal of substantially reducing their landfill waste which produces carbon dioxide and methane gases. Other hotels have established comprehensive training programs that reinforce the value of sustainability. There is employee engagement through posters and quizzes, and even contests are held to increase innovation, sensitivity and environmental awareness. Some hotels are also monitoring a guest’s energy usage and rewarding those who consumed less energy with gifts and incentives. The May issue of the Hotel Business Review will document how some hotels are integrating eco-friendly practices into their operations and how they and the environment are benefiting from them.