Spirides Hotel Finance Company has successfully provided and the borrower has officially closed a $4.1 million loan to refinance the existing mortgage debt of the Best Western SureStay in San Angelo, Texas.
Also known as the Pearl on the Concho, this iconic 164-room hotel is located at 333 Rio Concho Drive in the heart of the downtown historic, cultural, commercial, and entertainment district of San Angelo, Tom Green County, Texas. The hotel is a full-service, midscale, family-centric hotel that was first built as one of the original Holiday Inn Holidomes which feature a very large indoor recreational atrium with swimming pools, mini-golf, game tables, a video game arcade, and a restaurant and saloon. The hotel also features a meeting room section that has its own entrance from the outside.
Some of the area attractions and demand generators include nearby downtown festivals and cultural events that draw tourists year round as well as a U.S. Airforce base, a state university, a major hospital and cancer treatment center, historical landmarks such as a Civil War era fort, and the third largest rodeo in the world.
“I am very pleased that we were able to provide this very favorable permanent, long-term financing for our customer, the borrower in this transaction. By accepting this loan they have effectively cut their annual mortgage interest rate almost in half, saving more than one hundred thousand dollars a year in interest expense,” says Harry G. Spirides, President of Spirides Hotel Finance Company who led the debt placement team representing the borrower in this transaction. “Additionally, through negotiations with the previous lender a $500,000 discount on the loan principal payoff amount was obtained. That is quite a lender haircut, and all this is real money going back into our customer’s pockets. Although this transaction took longer than expected to close because of the COVID pandemic and other factors, in the end it was well worth the wait,” continues Spirides.
The terms of the financing arranged by Spirides Hotel Finance Company for this mortgage debt refinance include a 25-year loan term and amortization, a favorable rate of interest, and minimal prepayment penalties. The loan was funded by a Southeast U.S. headquartered bank.
Based in Tampa, Florida, Spirides Hotel Finance Company provides mortgages and loans to hotel owners across the United States for ground-up construction, acquisition, debt refinancing, and other types of hotel capital projects. Spirides charges no up-front fees and provides their customers with the best terms available in the marketplace along with exceptional service and fast execution.
Members of the Spirides family have owned, operated, developed, and advised hotels and restaurants for 100 years, since the 1920s. In fact, in 1970 this company’s founder and president Harry G. Spirides’ late father George H. Spirides assisted his good friend Cecil B. Day to design, open, and manage the world’s very first Day’s Inn near Savannah, GA, and he subsequently became the first manager of the world’s first Day’s Inn early in his career as a distinguished owner and operator of hotels.
Harry G. Spirides is a former owner and operator of a 205-room, full-service, beach resort hotel for over 20 years. He is a third-generation hotelier who has over 30 years of experience working in full-service hotels. He rose up through the ranks of his family’s hotel company working in every position from restaurant dishwasher to front desk clerk to general manager to chief executive officer. Today, Harry Spirides, through his company Spirides Hotel Finance Company, finds it very rewarding to assist hotel owners with their financing needs, having “walked a thousand miles in their shoes.”
For more information contact:
Harry G. Spirides
President, Spirides Hotel Finance Company
Phone: (813) 327-5101