WORLD PROPERTY CHANNEL ®

(DALLAS, TX) -- Kim Chong, developer of the Cedar Hill Holliday Inn Express hotel in Cedar Hill, TX, didn't have to travel far to find financing for his project.  He rode to Dallas where Cameron Larkin's national investment banking firm, came up with the funds.

At almost the same time, Larkin Hospitality Finance closed separate loans on three other Texas hotel properties.  The four five-year loans totaled $16.6 million.

The hotels included the Hampton Inn (Lexington Park, MD), Comfort Inn (Kingsville, TX), Best Western (Winter Park, CO), and Holiday Inn Express (Cedar Hill, TX).

Three of the transactions were refinances while the Holiday Inn Express project was construction/mini-perm. Loan sizes ranged from $3 to 6 million.

Two of the loans had fixed interest rates at 6.00% and 6.88% and two were floating-rate without floors, 3.22% and 4.59%. Two of the transactions refinanced maturing conduit/CMBS loans.
 
"Larkin's commitment to each client is what impressed me most." says Markarios Inc. president Kim Chong, developer of the Cedar Hill Holiday Inn Express.  "This is our second transaction with Larkin. Last year they refinanced our Comfort Inn."

Chong adds, "There is no doubt in my mind that they stand out from the rest. Their professionalism and knowledge will benefit anyone looking to finance or refinance hotels."
 
2009 Hotel Financing Outlook

"Just as 2008 disappointed on the downside, I believe 2009 will surprise us on the upside, with both the economy and markets doing better than we now expect," says Larkin, managing director of Larkin Hospitality Finance.

"It's certainly the most difficult hotel financing environment in recent memory, but managed properly, many transactions can still get done. I just can't stress enough how important it is to actively manage even the smallest details throughout the financing process."
 
Larkin adds, "The increasingly sophisticated ownership base in the hospitality industry is helping to moderate the impact of the current downturn.

"After several years of record profitability and smart reinvestment, most hoteliers will have the carrying capacity to ride out this storm. In fact, many are already planting the seeds for the next level of wealth creation in our industry."
 
Larkin says his firm focuses exclusively on meeting the debt and equity financing needs of hotel owners and developers. The Dallas-based firm was founded by banking professionals with over 16 years experience both financing hotels and the financing industry.

Larkin previously held senior executive positions with First American Realty Associates, GE Capital across several different operating units for 10 years in the U.S. and Europe, as well as three years with Andersen Consulting (now Accenture).

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