Hotel to Serve Largest University in U.S.
Access Point Financial, Inc., (APF) a direct full-service lending and advisory firm focused on the hospitality industry, today announced it has provided first mortgage financing for the 173-room Residence Inn by Marriott in downtown Tempe, Arizona being developed by Miami-based Finvarb Group, a leading hotel real estate development company. The hotel will be managed by Marriott International.
The APF financing is the foundation of a multifaceted capital stack.
"Hotel development remains challenging as seasoned hoteliers and experienced lenders must thoughtfully structure transactions in order for projects to achieve attractive returns, yet remain a prudent risk," said Jon Wright, president and CEO of Access Point Financial. "We have an agile underwriting team with more than 100 years of hotel industry finance experience that provides brands and hoteliers the confidence to proceed with developing intricate projects like this."
Scheduled to open in Fall 2013, the hotel is located at 125 East Fifth Street in downtown Tempe, adjacent to Arizona State University (ASU) and Tempe City Hall, and is one block from the Mill Avenue shopping and entertainment district, and two blocks from ASU's football stadium, basketball arena, and baseball stadium. The hotel will feature guest suites containing fully-equipped kitchens and will offer state-of-the-art amenities, including an outdoor rooftop pool and fire pit with panoramic views of downtown, about 3,500 square feet of meeting space, and 5,700 square feet of ground-level retail space. Hotel guests will have use of the adjoining city parking garage.
"Our knowledge of respected developers like The Finvarb Group, the markets and the brands give us the confidence to finance strategically smart ground up hotel projects," Wright said. "We are fully engaged in all types of hotel financing and on schedule with our previously-stated target of placing $1 billion in three years."
"The Tempe market is poised for strong growth and we are confident that this is the best location in the market," said Ronny Finvarb, Principal of the Finvarb Group. "We believe we will be able to establish a market-leadership position given the outstanding quality of our location, brand and management team. Access Point Financial immediately recognized the project's strength and helped us structure a viable transaction."
AboutThe Finvarb Group
Based in Miami, Florida, The Finvarb Group is one of the fastest growing real estate development companies in the country specializing in developing quality hotels in premium urban locations and in emerging and underserved markets. The company was founded nearly 40 years ago and has developed a diverse array of real estate projects, including hotels, high-rise condominiums, multi-family apartment buildings, single-family developments, office buildings and retail.
In its role as a hotel developer, the Finvarb Group has the breadth and depth of expertise necessary to address all of the complex and highly specialized aspects of a hotel development project. The Finvarb Group's development services incorporate all areas of expertise required to complete a hotel development project -- from site acquisition, feasibility, planning and design through financing, legal documentation, construction, and ongoing operations, including sales, marketing, accounting and administration functions. Additional information is available on the company's website www.finvarb.com, or by calling 305-861-3500.
About Access Point Financial
Access Point Financial, Inc. (APF) is a direct full-service lending and advisory platform based in Atlanta, GA serving branded and independent hotels in the United States and Canada. Access Point Financial was formed by Stone Point Capital, a private equity firm based in Greenwich, Connecticut and the APF Management team. For additional information, please contact 404-382-9599 or visit the company's website at www.accesspointfinancial.com.
Contacts:
Daly Gray, Inc.
Jerry Daly, Chris Daly
703-435-6293
jerry@dalygray.com