Smith Hill Capital, a commercial real estate debt investment management business of the Procaccianti Companies, and Bain Capital’s Special Situations' joint venture originated a first mortgage financing for the Embassy Suites by Hilton Nashville Airport. The first mortgage has a total available balance of $57 million. Other terms were not disclosed.
The 305-key property is well-located and is near Nashville International Airport, a 15-minute drive to downtown Nashville and One Century Place Conference Center. Amenities include an airport shuttle, fitness center, business center, indoor pool, complimentary evening reception, and over 6,000 square feet of meeting space.
“Despite uncertain market conditions, our platform continues to provide capital solutions for hospitality owners and their assets,” Brendan McCormick, managing principal, Smith Hill Capital, said in a statement. “The Embassy Suites by Hilton Nashville Airport is a high-quality asset with strong sponsorship that aligns very well with our goal of providing loans to institutional quality sponsors. It was a pleasure working with the teams at Affinius Capital and Westmont Hospitality and their advisors at Eastdil Secured on this financing.”
Smith Hill and Bain Capital’s joint venture is focusing on serving the financing needs of hospitality companies and assets in demand-driven markets across the U.S. The partnership combines decades of industry and capital markets experience with a highly attractive market opportunity.