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 July Online Hotel Business Review




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Hotel Spa: Measuring the Results
As the Hotel Spa and Wellness Movement continues to flourish, spa operations are seeking new and innovative ways to expand their menu of services to attract even more people to their facilities, and to and measure the results of spa treatments. Whether it’s spa, fitness, wellness meet guest expectations. Among new developments, there seems to be a growing emphasis on science to define or beauty services, guests are becoming increasingly careful about what they ingest, inhale or put on their skin, and they are requesting scientific data on the treatments they receive. They are open to exploring the benefits of alternative therapies – like brain fitness exercises, electro-magnetic treatments, and chromotherapy – but only if they have been validated scientifically. Similarly, some spas are integrating select medical services and procedures into their operations, continuing the convergence of hotel spas with the medical world. Parents are also increasingly concerned about the health and well-being of their children and are willing to devote time and money to overcome their poor diets, constant stress, and hours spent hunched over computer, tablet and smartphone screens. Parents are investing in wellness-centric family vacations; yoga and massage for kids; mindfulness and meditation classes; and healthy, locally sourced, organic food. For hotel spas, this trend represents a significant area for future growth. Other trends include the proliferation of Wellness Festivals which celebrate health and well-being, and position hotel spas front and center. The July issue of the Hotel Business Review will report on these trends and developments and examine how hotel spas are integrating them into their operations.