USA, New York City, New York. January 07, 2025

RobertDouglas announced today that it represented, as exclusive advisor, TPI Hospitality on the successful refinancing of a Homewood Suites by Hilton Two-Hotel Portfolio, the 125-key Homewood Suites St. Louis Park and the 124-key Homewood Suites New Brighton in the greater Twin Cities MSA.

RobertDouglas secured $33.1 million of floating-rate debt with highly attractive pricing with an institutional balance sheet lender, which includes initial funding for cash neutral refinancing, as well as future funding for Hilton Fixed Renovation Cycle Management ("FRCM").

The two Homewood Suites by Hilton-branded Properties, developed by TPI Hospitality in 2010, are located in CBD-adjacent submarkets of the greater Twin Cities MSA that have benefited from corporate activity emigrating outward from the Minneapolis CBD since COVID, evidenced by the Portfolio's RevPAR surpassing its 2019 pre-COVID level in 2023. Homewood Suites St. Louis Park and Homewood Suites New Brighton enjoy strong corporate demand, in addition to family, leisure and health care, with the Mayo Clinic anchoring the Twin Cities as home to the "Global Future of Healthcare."

"TPI Hospitality is a best-in-class regional owner-operator with a commanding market presence who offered substantial equity to this deal, complemented by strong-in-place and prospective post-renovation stabilized debt yields for these category-killer, premium-branded all-suite hotels," said RobertDouglas Principal & Managing Director Evan Hurd.

"This transaction represents the investment appeal of well-positioned, institutional-quality, extended stay product in today's marketplace," added RobertDouglas Senior Associate Max Chipouras. "Here, high barriers to entry and an outstanding community, combined with upcoming renovations, set the stage for a period of continued growth for the top extended-stay products in their respective submarkets."

"We are extremely pleased to be working with RobertDouglas on this transaction. They appreciate the dynamics of the Twin Cities and this property segment, while matching us with an outstanding lending partner," said TPI Hospitality Chief Investment Officer Chris Flagg.

About TPI Hospitality

With over 80 years of experience in the industry, TPI Hospitality is Minnesota's largest and most respected hospitality company focused on delivering exceptional service. They develop and operate hotels, restaurants, and conference centers throughout Minnesota and Florida, including award-winning facilities for industry-leading, category-killer hospitality brands such as Holiday Inn, Hilton Garden Inn, Courtyard by Marriott, and Hampton Inn. Their 32-hotel portfolio ranges from full service beachfront resorts to select-service hotels.

With over 1,700 employees, TPI's extensive expertise and experience in development and hotel renovations keeps their properties competitive in the marketplace. TPI Hospitality manages the entire development process from design, bidding, and the construction of the asset to pre-opening marketing, sales and market positioning. Supported by their experience as landowners, self-designers, and developers, TPI masterfully oversees intricate brand-mandated construction, design, and renovation projects.