12.16.19

PMZ Realty Capital LLC Arranges $8 Million Acquisition and Renovation Financing for Fairfield Inn and Suites – Spokane, Washington

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PMZ Realty Capital LLC, a boutique real estate investment banking firm,  arranged a $8 million loan for the acquisition and renovation of the Fairfield Inn & Suites Downtown Spokane, Washington. PMZ Realty Capital specializes in hotel real estate investment banking nationwide, with an expertise in sourcing capital for the hospitality industry.

“PMZ Realty Capital worked on a very short timeline to complete this challenging transaction” said Michael Sonnabend, Managing Member, PMZ Realty Capital LLC.   “This California based ownership group was doing their first Capital Markets transaction and their $1 million deposit after winning the auction was at stake.”

The 84-key Fairfield Inn & Suites is located in downtown Spokane, Washington and it originally opened in 1994. Newly renovated, the property offers modern guestrooms with updated bedding, casegoods, carpet and renovated bathrooms. The property is located directly across from the 120,000 square foot Spokane Convention Center and major demand drivers include Washington State University Spokane, Fairchild Air Force Base, Gonzaga University, Riverfront Park, IMB Performing Arts Center and the Spokane Arena.

“The ownership group was very pleased that we were able to secure the financing so quickly” remarked Sonnabend.  “When you risk the forfeiture of a deposit of that size, you definitely want to know that you partnered with the right team. PMZ Realty Capital has worked for many years to establish the right relationships to advocate and secure capital for our clients. We were pleased to successfully complete the deal for our client and look forward to repeat transactions.”

About PMZ Realty Capital LLC

PMZ Realty Capital LLC is a boutique real estate investment banking firm that operates on a nationwide basis. Their advisory services are highly specialized with the singular goal of creating the most advantageous capital structure for their clients. PMZ Realty Capital LLC is a national leader in hospitality financing focusing on debt and equity financing, note sales, joint ventures, recapitalizations and real estate advisory services.

For more information about PMZ Realty Capital LLC or to contact the firm to finance your next hotel, contact Michael Sonnabend, Managing Member, PMZ Realty Capital LLC at (212) 277-8252.

When our company wanted to convert the Intercontinental Hotel on Central Park South in New York City into luxury residences, I knew who to call first. Within 30 days, Peter was able to secure an application for $110 million worth of financing. The loan included multiple layers of capital representing over 90% of the costs to complete the project. He coordinated multiple parties through the due diligence process in order to ensure a smooth closing. I have worked with Peter and Mike on several other deals as well and their service and dedication are consistently outstanding. PMZ Realty Capital is my financial intermediary of choice.

Steve Glascock
President, Anbau Enterprises