Home Finance Spirides New $5 Million Holiday Inn in South Carolina

Spirides New $5 Million Holiday Inn in South Carolina

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The Spirides Hospitality Finance Company plans loans and mortgages for hotel proprietors throughout the United States of America. The services assist these owners in projects like acquisition, debt refinancing, new-ground structure, and face-lifting. The financing range from $2 million to $200 million with a national network of experienced mortgage specialists. Spirides lenders possess the capacity to design and swiftly fund both large and small projects. The firm has a similar company in charge of real estate brokerage called Spirides Hospitality Realty Company. There are no up-front fees charged when transacting with Spirides. Besides, the firm offers best terms open in the market along with incomparable service plus fast implementation.

The recent beneficiary from Spirides secured a $5 million loan for a client in South Carolina. A bank from the southeast US financed the development of a new Holiday Inn Express, a senior facility in Latta, South Carolina. It is a 4-storey building erected on a four acre piece of land comprising of sixty-eight guest rooms and suites. The Holiday Inn Express will be situated at SC Highway 38’s 1325 Cattle Farm Road off Interstate 95 Exit 181. The location is near Latta City in Dillon County that is a section of the Florence cosmopolitan zone.

The Holiday Inn Express is a couple of minutes-drive from Inland Port Dillon of South Carolina Ports Authority, a newly opened facility. The 50.5 million dollars facility is an intermodal freight transfer center situated 130 miles from South Carolina’s Port of Charleston. Inland docks are where trucks and trains exchange tens of thousands of foreign shipping containers filled with customer goods. The new Holiday Inn Express neighbors McLeod Regional Hospital, Darlington Raceway & Museum, and Florence Civic Center. There are also two South Carolina National Guard stations, Mohawk Industries and Johnson Controls regional offices.

The construction financing terms for the hotel comprise a 78% mortgage-to-price ratio, an interest rate of U.S. maximum rate and 1.75%, and a 25-annual term with a 25-annual paying off. Additional conditions include a twelve-month interest-only period over the building phase. There is no instalment penalty after the initial 3-years of the mortgage. The hotel is InterContinental Hotels Group’s (IHG) fastest-developing franchised trademark.

IHG is an international hospitality corporate with its headquarters in Denham, Buckinghamshire. The company has operated for over twenty-five years in the midscale limited-service division of the accommodation business. As of July 6, IHG had a stock price of 4,653.00 Pence Sterling (GBX). Hotel Indigo is another subsidiary of the IHG.

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