Tuesday, August 20, 2024 Brown Gibbons Lang & Company (BGL) is pleased to announce the successful closing of bridge financing with Access Point Financial, LLC (APF) for the 168-key Hilton Garden Inn at Cleveland Hopkins International Airport. This financing was secured on behalf of the hotel’s owners, Ceres Enterprises, and The Orlean Company. This refinancing marks the completion of a comprehensive financial restructuring that became necessary due to the pandemic’s significant impact on the hospitality industry.
The restructuring process included several key steps: Originally developed by Ceres Enterprises and The Orlean Company in 1998, the Hilton Garden Inn at Cleveland Hopkins Airport features a restaurant and lounge, 3,300 square feet of meeting space, an indoor pool, a fitness center, and a market pantry. Located strategically along I-480, just north of the airport, the renovated hotel is positioned to be the top lodging choice for over 10 million travelers annually and to support the $3 billion Cleveland Hopkins Airport master plan. “The pandemic presented unprecedented challenges for this hotel and submarket, but BGL’s advisory was paramount to our ownership group as we navigated the disruptions in the capital markets,” said David Crisafi, President of Ceres Enterprises.
From negotiating with the Special Servicer to sourcing new capital, BGL operated as a true partner to deliver the best possible outcomes. We look forward to our new partnership with Access P.