ST. LOUIS, September 21, 2021 / PRNewswire / – Twain Financial Partners Announced Successful Land Lease Finance for Hotel Renovation and Conversion in Grand Rapids, Michigan.
Twain’s funding will provide state-of-the-art improvements to the hotel, which will be renamed Sheraton by Marriott. When complete, the hotel will feature 246 renovated guest rooms, a new 200-seat restaurant and lounge, a 75-seat pool bar, indoor / outdoor pool, indoor Jacuzzi, and 20,780 square feet of meeting space. In addition, the hotel will provide shuttle services to nearby Gerald R. Ford International Airport and have the second largest conference and meeting space in Grand Rapids.
HDDA serves as developer and asset manager on this project. HDDA is a hotel development and disposition consultancy with a current portfolio of hotels and loans.
“We are delighted to invest in Grand Rapids and renovate the hotel to best meet market requirements ”, declared Rob rothschild, President of HDDA. “The sale-leaseback structure gives us a non-recourse financing option to capitalize the renovation, while allowing us to maintain the flexibility to execute the business plan. Of all the options we evaluated, Twain understood our needs the best and was able to design creative solutions that worked for our capital. “
“Twain is proud to be a part of this transaction,” said Erik Lintvedt, Business Development Manager at Twain. “The renovation of the old Crowne Plaza is long overdue and promises to unlock significant value for a significant asset to the Grand Rapids Community. In addition, the project highlights the effectiveness of HDDA and Twain in financing hotel assets in a difficult environment. We appreciate the partnership with HDDA and look forward to our next opportunity with them. “
Twain Financial Partners is an investment management firm located in St. Louis, Missouri with over $ 4 billion in assets under management in the public-private partnerships sector. The firm works with a wide variety of investment types, specializing in tax credit, structured debt and real estate transactions. Twain works closely with financial institutions and businesses to structure and manage investments that offer both attractive economic returns and social benefits.
SOURCE Twain Financial partners