WASHINGTON, D.C. – November 26, 2019 – Berkadia’s Hotels & Hospitality team has announced the sale and financing of TownePlace Suites Whitefish Kalispell in Whitefish, Montana. Senior Directors Matt Bailly and Spencer Scott completed the sale on behalf of Scottsdale-based Glacier House Hotels. Director Adrienne Kautzman secured financing on behalf of the buyer Venture Hospitality. The deal closed on November 21.
“This property is the newest Marriott hotel within the market. Its high-quality construction and proximity to Glacier National Park make it an incredibly attractive asset,” said Bailly. “We were able to match Glacier House with a motivated Berkadia client for whom the TownePlace Suites was a natural fit for acquisition. This is the second sale we’ve completed with Glacier House Hotels this year and, with 7 other transactions underway, we’re proud to be their partner in pursuit of their strategic vision.”
The sale represents a sub 7.5 percent cap rate for the ramping hotel. The 10-year, fixed-rate loan features a 60 percent loan to cost and three years interest only.
“Having worked with the buyer, Venture Hospitality, before and understanding the opportunity and their expertise in a market like Whitefish, we were able to get the lender comfortable and push for a competitive long-term deal that they could still close quickly, which suited both the buyer and seller,” said Kautzman.
Berkadia has been instrumental to our group, Venture Hospitality, in various transactions from both a sales and debt perspective,” said Scott Jones, Principal. “Matt always works to understand our needs from both a capital and performance perspective, and the opportunities that he brings to us are often just what we are looking for. Adrienne brings a wealth of knowledge on the debt side, always giving us a clear understanding of the best options for any given project and she stays ‘in the know’ on what the market is doing at all times. It has been a true pleasure working with the Berkadia Hotels team on this deal.”
The 81-suite hotel was built in 2018 and is located next to Glacier National Park, the iconic Going-to-the-Sun highway and within a short distance to Glacier International Airport, Whitefish Lake, Whitefish Mountain Resort and Flathead Lake. Glacier National Park averages approximately 3 million visitors annually.