|BUFFALO, NY – APRIL 4, 2017 – The Largo Group of Companies, Upstate New York’s largest private mortgage banking firm, has secured financing for a $32.4MM acquisition of three Marriott and Hilton-branded hotels located in Indiana. Perry Miceli, Principal and Lori Tirado, Managing Director of Largo, were instrumental in arranging the non-recourse financing, which included a 10-year, fixed rate, permanent first mortgage with 30-year amortization.
The portfolio includes a Courtyard by Marriott (119 rooms), a Hilton Garden Inn (112 rooms), and a Residence Inn (83 rooms). The Courtyard by Marriott and Hilton Garden Inn are in Evansville, along the Indiana-Kentucky border; the Residence Inn is in Columbus, about 45 minutes south of Indianapolis. Both areas have seen tremendous growth, which is evidenced by upward trending occupancy year-to-year.
The Evansville hotels benefit from their proximity to Robert’s Stadium, Casino Aztar, Mesker Zoo, and Downtown Evansville. Whereas, the Residence Inn is located near 5 golf courses, Edinburgh Premium Outlets, and Brown County State Park. All three properties are easily accessible to Expressways.