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Developer secures $136M loan for 11 Hilton-branded hotels

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Developer secures $136M loan for 11 Hilton-branded hotels

Cooper Hotels obtained roughly $135.8 million of mortgage financing from Sonnenblick-Eichner Co. for 11 Hilton-branded hotels, The Real Deal reported, citing a statement from the lender.

The nonrecourse, first mortgage loan carries a floating interest rate with interest-only payments for the five-year term, the Oct. 7 report said, adding that the financing is equivalent to 70% of the value of the 11 Cooper-owned hotels.

The hotels include the Hilton Naples, the Hilton Orlando/Altamonte Springs and Homewood Suites by Hilton, which are all in Florida, and eight others in Tennessee and Detroit area.

Cooper owns 20 hotels across five states, with the majority operated under Hilton Worldwide Holdings Inc and InterContinental Hotels Group Plc brands, the report noted.