News
HILTON BWI'S RECAP
August 22, 2012
| Here's the story of a good building financed by what became a beaten-down bank. Spoiler alert: The Hilton BWI has been recapped with a $36M loan from PCCP and equity from an AllianceBernstein-led JV. Here's what happened in between. |
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| When the market crashed almost five years ago, Anglo Irish Bank was nationalized and sold a portfolio of US loans—including one on Buccini/Pollin Group's Hilton BWI and one on Justison Landing, a mixed-use apartment community in Wilmington, Del.—to private equity firm Lone Star Funds. Then BPG, lender PCCP, and AllianceBernstein worked together to acquire the pair back. |
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| The hotel's path may have been complicated, but the underlying property, at 1739 W Nursery Rd in Linthicum Heights, is performing well. Built in '06, it's approaching the time for the first round of property improvements, but it's a full-service, 280-room hotel where occupancy and room rates have continued to improve, backed by a growing submarket, Hilton's rewards program, and strong management. |
