Sheraton Charlotte Airport Hotel

Property Overview

This investment represents $14.5MM in first mortgage financing for the refinance of the 222‐room, full service Sheraton Hotel. The property is located at the southwest corner of Interstate 85 and the Billy Graham Parkway approximately five miles west of downtown Charlotte, and approximately one mile SW of the Charlotte‐Douglas International Airport.

Recent improvements to the property include a full lobby renovation, pool upgrade, fitness center modernization and upgrades to guest rooms including new furnishings and case goods. Additionally, upon completion of the renovation, the Sheraton Charlotte Airport Hotel was recognized by Starwood as a finalist in the renovation of the year awards for all Starwood properties across the United States.

Investment at a Glance

Location: Charlotte, NC

Property Type: Hospitality

Investment Type: First Mortgage

Acquisition Date: July 11, 2011

Total Loan Amount: $14,500,000

Appraised Value: $21,400,000

Initial Loan-to-Value: 67.76%

Loan Term: 84 months

No. of Buildings: 1

No. of Units: 222

Square Footage: none listed