MEDIACONTACT:[email protected](214)269-9536or(770)402-2111
FORIMMEDIATERELEASEHALLSTRUCTUREDFINANCECLOSES$14.7MCONSTRUCTIONLOANTOFINANCESPRINGHILLSUITES
BYMARRIOTTINNEWARK,DELAWAREDALLAS–February14,2017–HALLStructuredFinance(HSF)announcedtodaythatthecompanyhasclosedanewfirstlienconstructionloantotaling$14.7milliontofinancethedevelopmentofa118-roomwithseventwo-roomsuitesSpringHillSuitesbyMarriottinNewark,Delaware.ThiswillbethefirstSpringHillSuitesinthestateofDelaware,andGeorgeDanneman,alongwithNewark-basedDannemanHospitality,LLC,istheprojectowner.“Theplannedhotel’slocationintheheartofNewark,withinonemileoftheUniversityofDelaware,isjustoneofthemanyreasonswewereinitiallyattractedtothisdeal,”saidMikeJaynes,PresidentofHALLStructuredFinance.“WebelievetheSpringHillSuitesproduct,whichconsistentlyranksamongthetopMarriottbrandsinguestsatisfaction,willbeagreatassettoboththeCityandtheUniversity.”Thefive-storyhotelwillbelocatedonemilefromthemaincampusoftheUniversityofDelawareandwillbethefirstmajor-brandhotelintheNewarkDowntownDistrict.LocatedattheintersectionofLibraryAvenueandMainStreet,theSpringHillSuiteswillprovideconvenient,upscalelodgingtovisitorslookingtobeclosetocampusandtheCity’smainthoroughfare.Hotelamenitieswillincludeabreakfastdiningarea,lobbybar,threemeetingrooms,anindoorpool,fitnesscenter,laundryroomandmarketplace.Anon-siterestaurantisalsoplanned.“HSFwasextremelyknowledgeableaboutthehotelindustry,bothfromafinanceanddevelopmentperspective,andwearegratefultohavepartnerswhoshareourvisionandhelpusmakeitareality,”saidGeorgeDanneman,PresidentofDannemanHospitality,LLC.“We’relookingforwardtogettingstarted.”“SpringHillSuitesbyMarriottisahighlyregardedadditiontoourcommunityatanimportantMainStreetgateway,andwelookforwardtolearningmoreaboutthisproject,”statedNewarkMayorPollySierer.HALLStructuredFinancehasnowclosedmorethan$50millioninconstructionloansin2017,withplanstocloseover$300millionduringthecourseofthisyear.
AboutHALLStructuredFinanceHALLStructuredFinanceisanentrepreneurial,value-adddirectprivatelendertotherealestateindustry.Wespecializeinprovidingcapitalforgroundupconstruction,adaptivereuse,andmajorassetrepositioningandrenovationsforcommercialrealestateprojectsthroughouttheU.S.TheHALLStructuredFinancelendingprogramisdesignedtoproviderealestateowners,operatorsanddeveloperswithanalternativetobankfinancing,andisorientedtobearesourcetoprojectsthatmaybeunderservedbytheinstitutionalcapitalmarkets.Formoreinformation,visithallstructuredfinance.com.AboutDannemanHospitality,LLCAftertakingDannemannFabricspublicandsellingitaround1980,thefamilyinvestedincommercialrealestateinDelawareandtheregionandhasbeenmanagingitsincethen.Inparticular,thissitewashometotheoriginalDannemanFabricsstore.Whenpresentedwiththeopportunitytoredevelopthislocation,itquicklybecameclearitistheideallocationforahotelandrestaurantcombination.AboutSpringHillSuitesbyMarriottSpringHillSuitesenteredthemarketin1998,andhasgrownintothelargestall-suitesstylebrandintheupscalelodgingsegmenttier,with349hotelsopenintheU.S.andCanada,withanother154hotelsinthepipeline.ThebrandconsistentlyranksamongthetoMarriottbrandsinguestsatisfaction,andhaswonnumerousJ.D.Powerawardsforservice.SpringHillSuitesfeaturespaciousandstylishsuites,andwiththelobbyoffersadifferentiatedexperience,solidifyingthebrandsleadershipinthetier.
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