Ram Hotels has secured acquisition and renovation financing to convert an existing hotel in Amarillo, Texas. It is first ever dual branded Marriott and Starwood property. The developer will transform a 106 key Marriott Fairfield Inn & Suites and a 123 key Four Points by Sheraton.
Four Points by Sheraton is a brand of hotels targeted towards business travelers and small conventions. It is owned by Starwood Hotels & Resorts, which is a subsidiary of Marriott International.
The asset is located at 1911 E. Interstate 40. The site is in close proximity to Amarillo’s downtown business distict and Amarillo International Airport.
The property will feature a 24 hour fitness center, an outdoor pool, patio deck with grills and a fire pit. There will also be a full facelift on the facade of the facility. Guest rooms will be improved.
Mission Capital Advisors arranged the non-recourse, floating-rate loan. The team of Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented Ram Hotels in securing the three year mortgage from Stonehill Strategic Capital.
Ram Hotels LLC constructs, develops, operates, and manages hotels in Georgia and Alabama. The company was founded in 2002. It is based in Columbus, Georgia.
Marriott International, Inc. is a leading global lodging company with more than 6,700 properties across 130 countries. Founded by J. Willard and Alice Marriott and guided by family leadership for more than 90 years, the company is headquartered outside of Washington, D.C. in Bethesda, Maryland.
In April 1995, Sheraton Hotels and Resorts introduced a new hotel brand, Four Points by Sheraton Hotels, to replace the designation of certain hotels as Sheraton Inns.
Source: CP Executive
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