Boston, MA: Jim O’Connell, Principal of O’Connell Hospitality Group, LLC announced three successful financing transactions. John Siska, Senior Managing Director, represented the owners of the Holiday Inn Select, Woburn, Massachusetts in the refinancing of this 195 room full-service hotel. The property features the newly renovated 280 seat Tony Pilla’s Italian Restaurant, first class banquet and conference facilities, indoor swimming pool and health club facility. The property was acquired in June, 2005 and converted to a Holiday Inn Select. The Hotel is located directly off Route I-95/128, approximately 10 miles north of Boston. “The owners have dramatically increased market share on a year over year basis and we expect that trend to continue in the future” said John Siska, Senior Managing Director of OHG. OHG secured the $8,850,000 bridge loan which included a structured earnout provision.

Siska also secured acquisition financing for the 79 room Hampton Inn & Suites, Vestal, New York. The property is located in the greater Binghamton area and accommodates business travelers from IBM, BAE, and the Kirkwood Industrial Park. After an analysis of various loan terms, OHG determined that the competitive interest rate and terms of this deal would satisfy the borrower’s long term needs and objectives. Non-recourse, long term financing of $6,600,000 at a fixed rate of 6.1% was obtained by OHG.

In addition to the above transactions, Siska also secured $7,000,000 in construction/permanent financing for the ownership group that is developing the 101 unit Hampton Inn & Suites, Smithfield, Rhode Island. “Lending Institutions are typically reluctant to commit to hotel development projects in tertiary markets. We were able to demonstrate that this property would sufficiently service the debt given a superior brand, an underserved market and a quality management team dedicated to providing superior customer service to their future client base.” said Siska.

O’Connell Hospitality Group is a full service real estate company providing brokerage, finance and consulting services to the hospitality industry. It represents public companies, financial institutions, equity funds and private individuals across the United States.