CHARLOTTE, N.C., Nov. 16, 2021 /PRNewswire/ --áBarings, one of the world's leading investment managers, announced today that it hasáprovided 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, acquired the AC Hotel, a 199-room, upscale select service hotel built in 2021.
"We are excited about partnering up with Arbor Lodging to acquire a high quality hospitality asset in the growing and dynamic downtown Phoenix market," said Akbar Tajani, Managing Director with Barings. "We believe that experienced sponsorship with superior assets acquired at an attractive purchase price, will be able to take advantage of the expected recovery in the hotel sector, coming out of the COVID-19 pandemic."
The financing from Barings has a five-year term and includes funding for potential operating expense and interest shortfalls. CBRE advised the sponsorship on the financing.
AC Hotel Downtown Phoenix is located at 414 N 5th Street in Phoenix, across the street from the 30-acre Phoenix Biomedical Campus and is situated in close proximity 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 features the AC Lounge and Kitchen, a 24-hour fitness center, and 3,000 SF of meeting and event space.
Barings is a $387+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
*Assets under management as of September 30, 2021
Cheryl Krauss, Barings, 980-417-5858, firstname.lastname@example.org
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