Barings Provides Acquisition Financing on Phoenix Hotel
CHARLOTTE, North Carolina, November 16, 2021 / PRNewswire / – Barings, one of the world’s leading investment managers, today announced that it has provided a bridge loan to finance the purchase of a hotel in Phoenix, Arizona.
A joint venture between Arbor Lodging and a real estate private equity firm, has acquired the AC Hotel, a 199 room upscale hotel with select services built in 2021.
âWe are delighted to partner with Arbor Lodging to acquire a high quality hotel asset in the growing and dynamic downtown area. Phoenix market â, said Akbar Tajani, Managing Director at Barings. âWe believe that an experienced sponsorship with superior assets acquired at an attractive purchase price, will be able to benefit from the expected recovery of the hotel sector, at the end of the COVID-19 pandemic. ”
Barings’ funding is for five years and includes funding for potential operating expenses and missing interest. CBRE advised the sponsorship on the funding.
AC Hotel Downtown Phoenix is ââlocated at 414 N 5th Street in Phoenix, across from the 30-acre Phoenix Biomedical Campus and is located close to the Phoenix Convention Center, Phoenix Suns Arena, Chase field, and the Thunderbird School of Management at Arizona State University. The hotel completed construction in early 2021 and includes the AC Lounge and Kitchen, a 24-hour fitness center, and 3,000 square feet of meeting and event space.
Barings is a more than $ 387 billion * global investment manager who seeks differentiated opportunities and builds long-term portfolios in public and private bond markets, real estate and specialty stock markets. With investment professionals based in North America, Europe and Asia Pacific, the company, a subsidiary of MassMutual, aims to serve its customers, communities and employees, and is committed to sustainable practices and responsible investment. Learn more about www.barings.com.
* Assets under management at September 30, 2021
Cheryl krauss, Barings, 980-417-5858, [emailÂ protected]