APM Property Holdings has purchased the 294-room Crowne Plaza Executive Center Baton Rouge from a private seller in a deal brokered by Hunter Hotel Advisors. APM has selected Schulte Hospitality as the management company for the Louisiana hotel.
“Full-service hotels have been a focus of my career,” Al Mori of APM said in a statement. “This hotel recently underwent a full renovation under prior ownership and has a great team in place. My wife, Patty, and I are excited for the future of this hotel with Schulte Hospitality as our management company.”
Hunter’s Tim Osborne and Kami Burnette, senior vice presidents, facilitated the transaction, while Adeel Amin, senior vice president of capital markets, arranged financing on behalf of APM.
The financing included an $11.7 million note at a 65 percent loan-to-cost ratio, featuring a prime + 0.75 percent rate, interest-only payments and a 36-month variable term.
"The financing presented a distinctive opportunity, with a substantial portion of the hotel’s revenue stemming from non-traditional streams such as food and beverage," said Amin, "Despite obstacles, the deal was finalized with a competitive rate, undercutting the next closest offer by 150 basis points and no exit fees to boot."
The 294-key Crowne Plaza Executive Center Baton Rouge boasts more than 32,000 square feet of flexible event space, including 17 meeting rooms and three expansive ballrooms. Additional amenities include an outdoor pool, a 3,000-square-foot fitness center and the Patio Grille and Lounge, which serves Louisiana-inspired cuisine.