US-based direct capital provider Access Point Financial (APF) has given a $126m fully funded loan to American Hotel Income Properties (AHIP), a real estate investment trust in Vancouver, Canada.
The funds will be used to refinance, renovate, and upgrade a portfolio of 12 premium-branded, select-service hotels across the US, comprising 1,233 rooms.
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APF CEO and chairman of the board Michael I Lipson said: “As evidenced by this transaction, APF is capable of virtually all levels of financial assistance, from a single asset $10m bridge loan to more complex transactions to refinance an entire portfolio well north of $100m.
“We pride ourselves on being strategic capital partners who work hard to find the right solution for entrepreneurial, select-service hotel owners to large, institutional investors such as AHIP and everything in between.”
The hotel portfolio features a diverse range of properties across multiple states, including Residence Inn St Paul Woodbury in Minnesota, Residence Inn San Angelo in Texas, and Fairfield Inn & Suites Asheboro in North Carolina.
APF’s $126m commitment equates to an average loan balance of approximately $102k per key and $10.5m per property.
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By GlobalDataAPF chief development officer James Reivitis said: “Access Point Financial is the capital solution for hotel sponsors who want a lending partner that knows them, understands the hotel marketplace and values flexibility, expertise, and true partnership.”
Earlier this year, APF allotted $195m in refinancing for The Beekman, a Thompson Hotel in Manhattan, New York.
