CooperWynn Capital has closed a $30.6 million multi-tranche capitalization on behalf of Four Yucca and development partner Byways Hospitality for the acquisition and restoration of the West Texas Big Bend Historic Hotel Portfolio.
The portfolio includes three historic properties in the Alpine/Fort Davis, Texas region: the 28-room Holland Hotel; the 30-room Hotel Limpia; and the 21-room Maverick Inn. The properties in total comprise 79 guestrooms, two restaurants, two bars and more than a century of operating history.
The capital stack included Historic Tax Credit equity generated through qualifying historic designations of the hotels; a U.S. Department of Agriculture Business & Industry (B&I) guaranteed loan serving as the senior debt facility; and Property Assessed Clean Energy financing tied to sustainability-related improvements at the properties. Each financing tranche carried separate underwriting standards and regulatory timelines.
“This was one of the longest and most technically demanding deals our team has ever seen through to close,” Stan Kozlowski, principal at Park City, Utah-based CooperWynn Capital, said in a statement. “When the government shutdown froze USDA processing and stalled our Historic Tax Credit certifications with the National Park Service, we had to hold an incredibly complex transaction together with no timeline and no certainty.”
The Holland Hotel—originally constructed between 1909 and 1912—includes a 28-room annex designed by architects Trost & Trost. Plans call for a full restoration of the hotel’s lobby bar, ballroom and guestrooms.
At the Hotel Limpia—originally built in 1913—renovations will include a new courtyard pool and an expanded restaurant with outdoor seating. The Maverick Inn—considered one of the oldest continuously operating motor lodges in the U.S.—will undergo upgrades to its guestrooms while preserving the property’s retro desert aesthetic.