Ramada Plaza Hartford Downtown Sold for $11.5 Million
Hunter Hotel Advisors announced today that the firm recently advised on the $11.5 million strategic recapitalization of the Ramada Plaza Hartford Downtown in Hartford, Connecticut.
Hunter’s Los Angeles and Washington, D.C. offices worked together with Hunter’s Capital Markets team on structuring a deal for the 18-story hotel with Florida-based Inner Circle Capital. “This was a complex transaction, but the key to our success was the willingness of all parties involved to be open to creative solutions,” said Danny Givertz, senior vice president of Hunter’s Los Angeles office.
Ramada Plaza Hartford Downtown
Five-million dollars in renovations is planned for the 350-room, 18-story hotel located in the heart of Hartford’s business district. “The Hunter team provided us with invaluable insight to navigate the process and acquire this asset,” said Joe Gillespie, owner of Florida-based Inner Circle Capital.
Hunter’s seven brokerage offices specialize in select and full-service hotels and currently represent more than 100 hospitality assets nationally, and approximately seven hotels are scheduled to close by the end of the month. Hunter’s Capital Market group anticipates closing on more than $150 million in debt and equity financing by the end of the year.