CBRE Hotels Arranges $56 Million Loan for Sheraton Fort Worth Downtown Hotel in Fort Worth, TX

Fort Worth, Texas – October 17, 2016—CBRE Hotels announced that it has arranged a $56 million loan for the refinance of the 429-room Sheraton Fort Worth Hotel in Fort Worth, Texas. 

Marc Sallette and Olga Lepow with CBRE Hotels’ Debt & Structured Finance team in Houston secured the loan on behalf of the borrower, Presidio Companies. The three-year, fixed- and floating-rate loan included $21 million in mezzanine capital. Macquarie Group served as the senior lender and Torchlight Investors served as the mezzanine lender. 

“Our team executed a highly specialized loan process for a property that has a really interesting story to tell,” Mr. Sallette said. “After the original lender fell through, we had difficulty identifying a new lender willing to fund the entire loan. Ultimately, we were able to secure a senior lender and an additional lender who was willing to provide mezzanine financing.” 

Located at 1701 Commerce Street, The Sheraton Fort Worth features 429 accommodations—custom-designed by international hotel design firm The Gettys Group—which serve the Dallas–Fort-Worth area. The property is in proximity to the Fort Worth Convention Center and offers distinct flexibility to accommodate corporate meetings, conventions and special events taking place in downtown Fort Worth.

CBRE Hotels is a specialized advisory group within CBRE providing capital markets, consulting, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of over 385 dedicated hospitality professionals located in 60 offices across the globe. 

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue).  The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide.  CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.  Please visit our website at www.cbre.com.

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