Smith Hill Capital, the fully integrated commercial real estate debt investment management business of the Procaccianti Companies, and Bain Capital Special Situations this week announced the firms’ joint venture originated and executed a $72 million first mortgage loan to KSL Capital Partners to refinance Hotel Viking, located in Newport, Rhode Island.
The historic and iconic 208-room property is located in Newport’s Historic Hill neighborhood inland of the Harbor in the center of Downtown Newport, within a short walk to the International Tennis Hall of Fame and water activities on the marina and a short drive from several local beaches. It features an indoor pool with a whirlpool, fitness center, and over 14,000 square feet of indoor and outdoor event space for lifecycle events.
“The closing of the loan for the Hotel Viking underscores our commitment to providing capital for hospitality assets,” said Brendan McCormick, Managing Principal, Smith Hill Capital. “The Hotel Viking, with its rich heritage, is an iconic landmark, and we are proud to play a role in its continued success and development. It was a true pleasure working with the KSL team and the members of the CBRE Hotels Institutional Group team.”
Smith Hill and Bain Capital formed a joint venture in 2023 to serve the financing needs of hospitality companies and assets in demand-driven markets across the U.S. The partnership combines decades of industry and capital markets experience with a highly attractive market opportunity.
Source: https://www.hotelnewsresource.com/article132303.html
Photos Source: Hotel Viking, located in Newport, Rhode Island, Hotel News Resource
