33 Degrees successfully refinances 116-room Fairfield Inn & Suites by Marriott in Arizona
ATLANTA, June 27, 2022 /PRNewswire-PRWeb/ — 33 Degrees Finance today announced the successful refinancing of the Fairfield Inn & Suites by Marriott, a 116-room hotel located in Tolleson, Arizona. The refinancing enabled the project to reduce carrying costs by taking advantage of current interest rates, retiring a prior construction loan, and paying down unsecured debt and preferred equity.
The asset, located in a growing submarket of the Phoenix metropolitan area, has been in operation for over two years with strong operations, in-place cash flow and brand affiliation with Marriott. The refinancing was made possible through a competitive process run by the firm that generated numerous attractive quotes.
“We’re proud of our team’s accomplishment, which has not only provided a strong return for our investors but allowed us to execute on our initial business plan to develop, stabilize, and successfully take-out our construction financing,” says Nick Montague, EVP of 33 Degrees Finance. “The big picture here is really our ability to uncover value and expertly navigate complex deals on behalf of our investors.”
About 33 Degrees Finance
33 Degrees Finance is a commercial real estate advisory and investment firm based in Atlanta. 33 Degrees Finance focuses on originating, structuring, and procuring equity and debt capital for hospitality and other real estate projects.
Media Contact
Sommer Shiver, 33 Degrees Finance, 678.578.4444, sshiver@hotelequities.com
SOURCE 33 Degrees Finance
