Holiday Inn Express & Suites Detroit Airport

Location: Romulus, MI
Type: Hospitality
Price: $ 6,800,000

SMC provided a $6,800,000 first mortgage to refinance existing debt at the Property. The Loan provides for a 10-year term, amortizing over 20 years. The Property was recently converted from a La Quinta Inn between 2012 and 2013 at a cost of $22,112/key, and opened as a Holiday Inn Express & Suites in March 2013 with a new 15-year franchise agreement. SMC’s Loan represented a conservative loan-to-value ratio of 59.6%.