- T2 secured $105 million for two CA hotels.
- It will refinance debt on the 350-key campus.
- EOS provided a 3-year term with two 1-year extensions.
T2 HOSPITALITY SECURED a $105 million mortgage loan from EOS Hospitality Credit Partners for its Sunnyvale, California, hotel campus. The funds will refinance existing debt on its TETRA/AC Moffett Park hotels.
T2, a Newport Beach, California-based hotel owner and developer led by founder and CEO Mike Patel, developed the campus, EOS said in a statement. It comprises the 186-room Hotel TETRA, Autograph Collection, and the 164-room AC Hotel Sunnyvale Moffett Park. The financing has a three-year term with two one-year extension options.
“This financing brings together an experienced and capable sponsor, strong property-level management, high-quality differentiated real estate and a market with favorable supply and demand characteristics,” said Christopher Jordan, co-founder and CEO of EOS Hospitality Credit Partners. “We are pleased to partner with T2 Hospitality and Coury Hospitality and look forward to building a long-term lending relationship with this team.”
Both hotels opened in 2022 and are managed by Grapevine, Texas-based Coury Hospitality.
EOS Hospitality Credit Partners is the hospitality lending business of New York-based EOS Investors, founded by Jonathan Wang in 2017. Its hospitality credit strategy is led by Jordan.
The financing was EOS Hospitality Credit Partners’ second loan closing. In July, EOS provided a $140 million refinancing to Mission Hill Hospitality, secured by three hotels with 413 keys.
Separately, SREE Hotels recently acquired the 130-key Hyatt Place Columbia/Downtown/The Vista in Columbia, South Carolina. The Charlotte, North Carolina-based company owns and operates the property.
