Repositioning Hospitality Assets through cash-out refinance
Thibodaux and Jennings, LA – Franklin Street proudly announces the successful refinance of a portfolio of Hampton Inn properties, fortifying its esteemed position within the hospitality sector. This significant transaction encompasses two prime locations in Thibodaux and Jennings, Louisiana, featuring a total of 194 keys across two Full-Service hotels. The refinance was facilitated by Dakota Brown, Ian Mahoney, Riley Haefele, Nick Sumpter, and Mallory Keel of Franklin Street Capital Advisory, in collaboration with the current owner, Sunray Companies.
The Hampton Inn in Thibodaux, established in 2008, comprises 109 keys and is situated at 826 N Canal Blvd. Concurrently, the Jennings property, constructed in 2009 and located at 310 W Fred Ruth Zigler Memorial Dr, offers 85 keys. Both properties were refinanced for a total loan amount of $12.89 million which included a significant portion of cash-out proceeds for planned renovations.
With this noteworthy transaction, Franklin Street demonstrates its profound expertise in the hospitality CRE market. “Refinancing in this sector can present unique challenges, particularly in smaller markets. This refinance emphasizes our firms’ commitment to identifying and repositioning valuable assets across a range of locations,” stated Dakota Brown from the Franklin Street team.
The owners harbor ambitious plans of full interior renovations to elevate guest experiences and overall performance amidst an increasingly competitive landscape. Sunray Companies is dedicated to excellence, ensuring that these properties remain premier choices for travelers in the region. Franklin Street’s commitment to fostering strong relationships and delivering personalized service continues to drive its success and innovation within the industry.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management, and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide.
