Slatt Capital said Wednesday it arranged $23 million in financing for the Embassy Suites by Hilton located in La Quinta. The firm’s Scott E. Monasch, principal/board member, led the advisory.
The refinance loan for the 146-key hospitality asset was secured through a Slatt relationship lender. The loan included a 10-year term, 25-year amortization and five-year fixed rate plus reset in the low 6% range, step-down prepay and cash-out structure.
“This refinance for the Embassy Suites in La Quinta underscores the continued strength of the hospitality market in Southern California and our ability to secure favorable financing for well-positioned assets,” said Monasch. “Working with a trusted lender source allowed us to achieve an extremely competitive and very positive outcome of terms and structure for our client.”
Situated in the Coachella Valley, the Embassy Suites is a popular destination for both business and leisure travelers. The refi allows ownership to optimize the capital structure and further enhance the value of the property.
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