Partners Capital Solutions, Inc. Funds its First Hotel Transaction, Providing $9 Million in Financing for the Acquisition of a Hotel in Odessa, Texas Partners Capital Solutions, Inc. today announced funding its first hotel transaction, $9 million in financing for the acquisition of a 118-room hotel in Odessa, Texas, by an unnamed investor
CALABASAS, Calif., Nov. 14, 2013 /PRNewswire/ -- Partners Capital Solutions, Inc. (http://www.PartnersCapitalSolutions.com) today announced that it has funded its first hotel transaction, financing $9 million for an undisclosed investor to acquire a 118-room hotel in Odessa, Texas. This is PCS's first transaction in hospitality, a new segment focus for the private portfolio real estate capital provider.
The hotel was performing well, and is at an excellent location in Odessa. An investor identified an opportunity to acquire the hotel at a cap rate over 20% and unencumbered of management, but the deal had to close very quickly. The investor called PCS because he was familiar with the company and knew PCS had recently launched its hospitality fund to provide financing for hotels. PCS quickly evaluated the deal, identified an appropriate capital structure to meet the client's needs at 75% LTC, and closed on time.
"PCS saw an opportunity in hospitality and we brought in a hotel expert to lead it so we can provide the same superior level of expertise and service our clients expect, in this new real estate segment," said Mike Klein, Managing Director and Chief Operating Officer of PCS. "Bruce Stein brings to PCS over 25 years experience in all aspects of real estate ownership and development and ten years specifically in hospitality."
"PCS is committed to growing our financings in the hospitality sector, and this deal in Odessa is a great start" according to Bruce Stein, Managing Director, Hospitality for PCS. "We continue to seek opportunities to solve complex financing needs of proven hotel operators and investors with deals from $2.5 million to $10 million in the Western United States."
For more information on Partners Capital Solutions, located in Calabasas, CA, please call Mike Klein at 818.676.3337, or visit http://www.PartnersCapitalSolutions.com. For more information on Partners Capital Solutions hospitality financing, please call Bruce Stein at 818.991.2717.
About Partners Capital Solutions, Inc:
Partners Capital Solutions (http://www.PartnersCapitalSolutions.com), a private portfolio capital provider, creates sophisticated, structured financing solutions for real estate professionals with commercial, hospitality and residential deals from $2.5 million to $10 million in the Western United States. PCS has invested over $350 million to date and seeks opportunities to finance experienced investors and developers looking for fast and reliable capital.
Partners Capital Solutions, Inc.
SOURCE Partners Capital Solutions, Inc.