CooperWynn Capital arranged the refinancing of the Fredericksburg Inn & Suites on behalf of Croesus Hotels. The new financing provides fixed-rate debt with favorable debt service obligations for this well-performing asset situated on five acres alongside Baron Creek in Fredericksburg, Texas.
"In today's challenging environment for smaller hotel loans, we were pleased to secure financing that met our client's objectives," Stan Kozlowski, principal, CooperWynn Capital, said in a statement. "We are especially proud to have partnered with these clients on multiple occasions throughout their 20+ years of ownership of the hotel, helping support the property's continued success and growth."
The 103-room independent select service property has complimentary hot breakfast, an outdoor pool with a slide, a volleyball pool, a hot tub, extensive outdoor amenities, and over 3,700 square feet of meeting space. Since acquiring the property in 2004, ownership has invested over $5 million in capital improvements, including a comprehensive $4 million renovation in 2016.
“We truly value our long-standing relationship with CooperWynn Capital,” said Randy Box and Dan Wenz, partners in Croesus Hotels, LLC. “Their expertise and commitment have been instrumental in helping us grow and enhance the Fredericksburg Inn & Suites over the years. This latest financing allows us to continue investing in the guest experience and the future of our property.”
"We partnered with a lender offering capital at a very competitive cost and structure for this high-quality, consistently performing asset," added Keaton Quigley, vice president, CooperWynn. "This financing resulted in mid-$9 million in loan proceeds with five-year, fixed-rate CMBS financing at rates below 5.4 percent."
Located within walking distance of Fredericksburg's vibrant Main Street, the hotel provides guests easy access to the area's renowned wineries, the National Museum of the Pacific War, and unique shopping. Fredericksburg draws millions of visitors annually as the epicenter of Texas Wine Country, with over 70 wineries and tasting rooms in the region.