Vista Capital Company recently arranged $22.5 million of financing for the Candlewood Suites in Terre Haute, Indiana, and the Holiday Inn Express in downtown Indianapolis. The loans were funded separately and were not cross-collateralized.
Both properties recently underwent significant renovations, and cash flow is jumping at the hotels. The assets are dominant in their markets and are owned and operated by one of the most experienced development groups in the region.
Indiana’s hospitality market is growing despite significant new supply over the last few years, powering a resilient sector that is attracting institutional investment. The Terre Haute market will soon be boosted by a new convention center, while Indianapolis remains a solid and growing metropolitan powerhouse.