Moxy by Marriott

Location: Tempe, Arizona

Size: $19,000,000

Challenge: Underwriting

Type: Bridge Loan

The owners of a Four Points by Sheraton wanted to sell the hotel to an investor, change the flag and retain the management. We were hired to provide bridge financing to fund the acquisition and conversion costs to Moxy, a new Marriott flag that had not yet even launched in 2014.  Tempe had been hard hit by the recession, and we identified a lender that was active in the market.  We also addressed the uncertainty of how a new hotel brand would perform and trying to budget the costs of a PIP without having complete brand standards.  When the buyer of the hotel backed out, we were able to convince the lender to refinance the existing ownership under the same conversion strategy in what became the 1st Moxy hotel opened in the United States.

moxy_by_marriott_tempe_lobby_lounge2 moxy_by_marriott_tempe_lobby_lounge moxy_by_marriott_tempe_lobby_bar2 moxy_by_marriott_tempe_lobby_bar moxy_by_marriott_tempe_guestrooms moxy_by_marriott_tempe_guestroom3 moxy_by_marriott_tempe_guestroom2 moxy_by_marriott_tempe_exterior moxy_by_marriott_tempe_bicycles moxy_by_marriott_tempe_beds moxy_by_marriott_tempe_bathroom
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