Hotel has been in the market for 2 years. Asking price is $8,000,000. Hotel will be renovated, branded- total cost of renovation and to be branded is $11,535,000. They have a lender (Star Bank) willing to provide 50% of the total project cost. They also have another bank (Prize) willing to provide a mezzanine loan for the remaining 15%. Star Bank Terms: Interest Rate: 7% Loan Term: 10 Points: 4 upfront Collateral: Hotel owner by Dean Hotel investements PrizeBank Terms: Interest Rate: 12% Loan Term: 5 Points: 2 upfront Collateral: subordinated claim of the blackstone hotel Analyze the terms offered by both banks. Which terms would you negotiate and why?
RECOMMENDED!!HOSPITALIT HTT 250-Hotel has been in the market for 2 years
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