Ramsfield Funds $135.2 Million Loan Secured By The Cooper Hotels Hilton Portfolio

NEW YORK, Sept. 20, 2021 /PRNewswire/ -- Ramsfield Hospitality Finance ("RHF") and funds managed by CarVal Investors have teamed up to provide a $135.2 million mortgage loan secured by the 2,035-room, 11-property portfolio of premium Hilton branded hotels in Florida, Tennessee, and Michigan. Memphis-based Cooper Hotels is the properties' owner and builder of the hotels.  Cooper Hotels is a family-owned, industry-leading hotel developer, owner/operator, and management company. All hotels are leading performers in each of their submarkets and benefit from strong brands like Hilton, Doubletree, and Embassy Suites.  RHF and CarVal worked closely with Cooper Hotels to complete this new loan facility in under three weeks after negotiations with the current lender hit a stalemate. 

"Given our long and successful hotel investment track record, we were able to tap into our pool of lawyers, appraisers and property experts to complete our underwriting and complex legal documents in a timeframe necessary to meet our borrower's financial deadlines," stated Richard Mandel, the President of RHF. 

"Cooper Hotels appreciates the confidence and trust that CarVal Investors and Ramsfield Hospitality Finance has displayed in our company and our Hilton brand hotels," said Pace Cooper, president and CEO of Cooper Hotels. "They moved quickly and decisively to achieve a timely outcome.  We look forward to continued improvements in travel and performance in the coming months, along with the rest of our industry."

"We are very pleased with the outcome of the Cooper Hotels refinancing efforts arranged by the RHF organization," said Kevin Jacobs, Chief Financial Officer and President, Global Development of Hilton. "Cooper's Hilton branded hotels are great examples of high-performing properties for our company's footprint in their respective markets, and we are proud to have them as one of our award-winning and deeply committed franchisees."

"Our pipeline of new hotel transactions is deep, and we are on track to fund over $750 million of new loans during 2021," added Paul Mullaney, a managing director of CarVal.  Our stretch senior mortgage program has particularly resonated with borrowers looking for debt solutions that provide sufficient runway to navigate the post-COVID recovery of the global travel industry."

The CarVal/Ramsfield partnership, which has completed in excess to $2 billion of hotel debt investments together, is actively looking to originate mortgage, mezzanine loans and preferred equity investments on hospitality assets throughout the country.

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CarVal Investors is an established global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, its experienced team has navigated through ever-changing credit market cycles, opportunistically investing $130 billion in 5,550 transactions across 82 countries. Today, CarVal Investors has approximately $10 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets. For more information, visit www.carvalinvestors.com.

Ramsfield Hospitality Finance is a hotel real estate lender, investor, and asset manager. Since 2003, RHF has made debt and equity investments in hospitality properties valued in excess of $2 billion. The boutique nature of the firm allows for a streamlined and expeditious operation from asset review through approval and closing. Using the depth of its capital, market knowledge, and expertise, RHF creates versatile transaction structures that meet the needs of its borrowers and investors. For more information, visit www.ramsfieldrealestate.com

Contact: Barbara Massler at 212-750-0366

SOURCE CarVal Investors

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