HFF arranges $15.13 million in financing and joint venture equity for Hilton Hotel & Conference Center in Scranton, PA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $15.13 million in financing and joint venture equity for the Hilton Hotel & Conference Center (top left photo), a 175-room hotel in downtown Scranton, Pennsylvania.

HFF directors Greg Labine (top right photo) and Janet Krolman (lower left photo) worked exclusively on behalf of Linchris Hotel Corporation to secure the $9.6 million adjustable-rate loan through a national bank. 

Blue Vista Capital Partners, LLC contributed $5.5 million of joint venture equity.  Proceeds were used to acquire the property, which was purchased unencumbered by management.

Completed in 2003, the seven-story property has approximately 26,000 square feet of meeting space, a full-service restaurant and lounge, a Starbucks counter, heated indoor lap pool, fitness center, business center and spa treatment rooms. 

The Hilton Hotel & Conference Center is located at 100 Adams Street close to Interstates 81, 476, 380 and 84 in downtown Scranton in eastern Pennsylvania.

“This purchase fits the Linchris acquisition strategy perfectly.  Linchris will be able to utilize their operational expertise to improve the bottom line performance of this market-leading hotel while continuing to improve the asset through the implementation of a PIP,” said LaBine. 

 “Blue Vista was able to quickly recognize the extensive track record that Linchris has in successfully executing this strategy, particularly in secondary markets, and performed throughout the process.  

"HFF created a structure with the bank, which incorporated both an acquisition loan and an improvement facility.”

 

Contacts:    

Grefory F. Labine, HFF Director, (617) 338-0990, glabine@hfflp.com

Janet N. Krolman, HFF Director, (617) 338-0990, jkrolman@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com