New Hotel Collection (NHC) today announced the completion of two major rounds of refinancing with Western Alliance Bank that will help facilitate future growth.
“This refinancing marks an important step in New Hotel Collection’s evolution, giving us a platform for continued growth,” said Tommy Del Zoppo, Founder & Chief Investment Officer for New Hotel Collection. “Western Alliance has proven to be an outstanding partner in the hospitality industry. They have a deep understanding of our business and the ability to create a financing solution that will bring tremendous long-term value to our company and its customers.”
The first facility was for the company’s flagship hotel within Harbourside Resort in Indian Rocks, Florida. The $15 million senior facility replaced a private first mortgage and provides a structure that is tailor-made for the property and its needs.
The second facility, which was for $12.5 million, is an expanded Consumer Note Receivable Loan that was used to pay off an existing Note Receivable Loan and provides increased capacity for sales growth for New Hotel Collection’s membership program.
Drawing on its extensive resort and vacation ownership funding expertise, Western Alliance worked closely with NHC’s executive leadership team to structure the facilities, which totaled $27.5 million in all. The facilities will support New Hotel Collection’s membership sales business model and provide the financing platform to accommodate NHC’s continued growth.
“With deep experience in the hospitality industry, our team has been closely watching the success of New Hotel Collection since its inception,” said Tracy Gaylord, Managing Director of Commercial Banking at Western Alliance Bank, where she is part of the Resort Finance group. “Seeing immense potential in the products NHC is bringing to market, which is being driven by their visionary executive team, we are very pleased to support the company’s short- and long-term growth goals.”
About New Hotel Collection
New Hotel Collection is a Pinellas County, Florida-based hotel company with a vision for service excellence and a passion for generous hospitality. Today the collection includes four locations including two excellent properties in charming Indian Rocks, Florida (one property within Harbourside Resort and one called Beachside Resort). The collection also includes a Smoky Mountains location in the historic Central Hotel located in Sevierville, Tennessee. Its fourth location, which is about to undergo a major expansion, is the Cordova Inn in downtown St. Petersburg. For more information, visit newhotelcollection.com.
About Western Alliance Bank
With more than $50 billion in assets, Western Alliance Bancorporation is one of the country’s top-performing banking companies. The company is again #1 best-performing of the 50 largest public U.S. banks in the new S&P Global Market Intelligence listing for 2020 and ranks high on the Forbes “Best Banks in America” list year after year. Its primary subsidiary, Western Alliance Bank, Member FDIC, helps business clients realize their ambitions with teams of experienced bankers who deliver superior service and a full spectrum of customized loan, deposit and treasury management capabilities. Business clients also benefit from a powerful array of specialized financial services that provide strong expertise and tailored solutions for a wide variety of industries and sectors. Most recently, the bank added to these capabilities with the acquisition of AmeriHome Mortgage, a leading national business-to-business mortgage platform. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking brands and has offices in key markets nationwide. For more information, visit westernalliancebank.com.