Trinity Street Capital Partners (TSCP), a full service real estate investment bank, announces the origination of a $10MM, 75% loan-to-cost, construction loan for the development of a 109 key, Staybridge Suites, located in Grandville, MI.
New York, NY - Trinity Street Capital Partners (TSCP) (www.trinitystreetcp.com), a full service real estate investment bank, announces the origination of a $10M, 75% loan-to-cost, construction facility for the development of a 109 key, Staybridge Suites, extended stay hotel, located in Grandville, MI. The construction/ mini-perm loan was for 75% of cost, had a 5 year term, with a 2 year extension option.
The Staybridge Suites is a proposed 4-story, 109-room, interior corridor, extended-stay lodging facility that is currently under development and will feature all basic services for a property of this type. It will offer amenities including complimentary breakfast, lounge, fitness facility, business center, sundries shop, meeting space, indoor pool, patio with BBQ grills, vending and ice machines. The subject is located one mile east of Interstate 196, which provides accessibility into Downtown Grand Rapids, and to Interstate 96 to the north and Interstate 94 to the south. Proximate to the hotel is a variety of retail and restaurant options, including RiverTown Crossings Shopping Mall.
Staybridge Suites is an all-suite, residential-style brand of hotels within the InterContinental Hotels Group (IHG). The brand targets extended-stay and corporate travelers. There are over 200 Staybridge Suites hotels open in the United States, Canada, Mexico, Europe and South America. The first Staybridge Suites opened in Alpharetta, Georgia, U.S. in 1998. When the 132-suite Staybridge Suites Liverpool hotel opened in June 2008 it became the brand's first property outside North America and the first extended stay hotel chain to debut in Europe. Over the years, Staybridge Suites was ranked highest in the extended-stay segment according to the J.D. Power and Associates Hotel Guest Satisfaction Study, named Best in Customer Satisfaction by Market Metrix, LLC for superiority in customer satisfaction among all upscale hotel brands and Business Travel News rated Staybridge Suites as the top upscale extended stay brand in their 2011 U.S. Hotel Chain Survey.
Trinity Street Capital Partners focuses on non-recourse, high leverage senior & subordinate non-recourse commercial mortgages, construction loans and real estate private equity, with investments starting at $5MM on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties, located throughout the fifty states.
For more information about Trinity Street Capital Partners and the services it provides, go to www.trinitystreetcp.com.