RobertDouglas represented, as exclusive advisor, TPI Hospitality on the refinancing of a Homewood Suites by Hilton two-hotel portfolio, the 125-key Homewood Suites St. Louis Park and the 124-key Homewood Suites New Brighton in the greater Twin Cities MSA.
RobertDouglas secured $33.1 million of floating-rate debt with an institutional balance sheet lender, which includes initial funding for cash neutral refinancing, as well as future funding for Hilton Fixed Renovation Cycle Management (FRCM).
The two properties, developed by TPI Hospitality in 2010, are located in CBD-adjacent submarkets of the greater Twin Cities MSA that have benefited from corporate activity emigrating outward from the Minneapolis CBD since COVID, evidenced by the portfolio’s RevPAR surpassing its 2019 pre-COVID level in 2023. Both enjoy strong corporate demand, in addition to family, leisure and health care, with the Mayo Clinic anchoring the Twin Cities as home to the “Global Future of Healthcare.”
“TPI Hospitality is a best-in-class regional owner-operator with a commanding market presence who offered substantial equity to this deal, complemented by strong-in-place and prospective post-renovation stabilized debt yields for these category-killer, premium-branded all-suite hotels,” said Evan Hurd, principal/managing director, RobertDouglas.
“This transaction represents the investment appeal of well-positioned, institutional-quality, extended stay product in today’s marketplace,” added Max Chipouras, senior associate, RobertDouglas. “Here, high barriers to entry and an outstanding community, combined with upcoming renovations, set the stage for a period of continued growth for the top extended-stay products in their respective submarkets.”
“We are extremely pleased to be working with RobertDouglas on this transaction,” said Chris Flagg, chief investment officer, TPI Hospitality. “They appreciate the dynamics of the Twin Cities and this property segment, while matching us with an outstanding lending partner.”
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