CooperWynn Capital, hospitality-specific debt and equity capital markets specialists, have announced the successful loan modification for the DoubleTree Suites Fort Shelby in downtown Detroit on behalf of the ownership group.
The Doubletree Suites has 203 suites, more than 18,000 square feet of meeting space, three food and beverage outlets and a fitness center. The modification will help ownership maintain their current loan while replacing historic costly covenants while property fundamentals continue to improve.
“Given the increasing operating performance of the hotel, we embarked on a comprehensive marketing process to provide the best options for ownership. After evaluating all opportunities, the incumbent lender was able to provide the solution most advantageous to the owners,” Marc Sallette, principal, CooperWynn Capital, said in a statement.