Virtua Partners Completes Recapitalization of Marriott SpringHill Suites in Houston

Virtua Partners Completes Recapitalization of Marriott SpringHill Suites in Houston

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Virtua Partners announced today that it has successfully recapitalized a 190 room SpringHill Suites Marriott located at 1400 Old Spanish Trail in Houston, Texas. Virtua Partners affiliate Versant Commercial Brokerage provided the restructuring services, including the origination of a $20.4MM senior loan and $2.3MM in preferred equity. Versant structured the transaction utilizing Internal Revenue Code Section 721 in order to defer taxes for the owners. As part of the restructuring, the hotel will be undergoing an extensive $5.3 million property improvement plan, which will upgrade the facilities to current Marriott standards. Hotel Equities is the new hotel manager, and Virtua affiliate Clear Vista Management is the new asset manager. Virtua affiliate Quyp Hospitality will be overseeing the property improvement plan. "This was a challenging transaction and we're glad to wrap…
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