Cronheim Hotel Capital has secured $13.25 million from a regional bank to capitalize the leasehold acquisition and change-of-ownership property improvement plan for the Hampton Inn & Suites in Prattville, Ala. The five-year financing includes 18 months of interest-only and no prepayment penalty for the life of the loan.
The hotel is just outside of Montgomery and is close to a variety of demand generators, such as Maxwell Air Force Base and the Alabama State Capitol. Montgomery has experienced what the company described as “explosive growth” over the past decade.
Following the acquisition, the hotel will undergo a full property refresh.