CBRE Hotels Secures $30 Million in Financing for the Townsend Hotel in Birmingham, MI

Atlanta – November 30, 2017 – CBRE Capital Markets’ Debt & Structured Finance team has arranged $45 million in financing on behalf of THC Investors, L.P., for The Townsend Hotel, a luxury hotel in Birmingham, Michigan, a suburb of Detroit. The four-star/four-diamond, 150-room hotel was built in 1988 and has become a popular lodging choice for celebrities, business travelers, and luxury leisure hotel guests over the years. THC has invested $7 million of improvements in the hotel within the past three years.

CBRE’s Atlanta-based Jonathan Rice and Chicago-based Nate Sahn and Drew Noecker led the capital markets efforts to secure a ten-year interest-only loan to refinance the existing debt. 
 
“The property is in immaculate condition and regarded as the most luxurious hotel in the state of Michigan,” said Mr. Rice, senior vice president, CBRE Capital Markets. “We were able to refinance the client’s existing debt at the most favorable terms so it could return capital to its investors.”

The Townsend Hotel is located at 100 Townsend Street, in the heart of downtown Birmingham. It features amenities such as a 24-hour fitness center, the award-winning Rugby Grille, Townsend Bakery, meeting facilities, and 150 exquisite guest rooms to include 48 luxury suites, three presidential suites, and two penthouses, among others.

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 2016 revenue).  The company has more than 75,000 employees (excluding affiliates), and serves real estate invest​ors and occupiers through approximately 450 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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