Principals of the Hampton Inn in Danville, Va., which was built in 2021, have secured $11 million in refinancing from Cronheim Hotel Capital.
The financing provided the sponsor with more than $3 million of cash-out proceeds and a fixed rate below 6 percent, according to CHC.
The Hampton Inn Danville is located in the Susquehanna River Valley off Interstate 80 near Geisinger Medical Center, Knoebels Amusement Resort, the Bloomsburg Fairgrounds and several universities. Danville, meanwhile, is approximately 45 minutes north of Raleigh, N.C., and serves as a regional economic hub with numerous medical and corporate demand drivers, as well as the newly opened Caesars Casino and Resort.