Marriott St. Louis Grand Hotel Lands $57M Refinancing
- Mar 07, 2017
St. Louis—RobertDouglas has advised on a $57 million refinancing of the Marriott St. Louis Grand Hotel, a 917-key hotel in St. Louis, Mo., on behalf of its owner, an affiliate of Haberhill LLC.
“It’s a newly renovated hotel with strong brand affiliation and a dominant location for corporate and convention business,” Douglas Hercher, RobertDouglas’ principal & managing director, told Commercial Property Executive. “Lenders were attracted to the quality of the property and the strong, growing cash flow.”
The Haberhill affiliate acquired the property in 2014 and converted it from a Renaissance-branded hotel to the Marriott Grand following the completion of a comprehensive, top-to-bottom renovation in 2015.
The five-year, floating rate financing was provided by a debt fund managed by Apollo Global Management.
“Apollo was thoughtful in their approach to the financing, helping to meet ownership’s goals for the property while delivering highly-competitive terms and pricing as well as being responsive throughout the process,” Hercher said.
The hotel is situated directly opposite the America’s Center convention complex and is a short walk from St. Louis’s famed Gateway National Park and the city’s beloved Cardinal Stadium.
“The property is on Washington Street, and in the heart of a district that is seeing extensive new residential, retail, restaurant and office development,” Hercher said.
The Marriott St. Louis Grand offers the Greatroom, a place to connect with free Wi-Fi or over hand-crafted cocktails, and is home to Zenia Bar & Grille, offering microbrews alongside chef-crafted cuisine.