REBusinessOnline

CHC Hotel Capital Arranges $11.9M Acquisition Financing for Hotel in Hoover, Alabama

Local hotelier Chiman Patel in partnership with Kana Hotels purchased the 118-room Residence Inn.

HOOVER, ALA. — CHC Hotel Capital has arranged an $11.9 million acquisition loan for Residence Inn in Hoover. Local hotelier Chiman Patel in partnership with Kana Hotels purchased the 118-room property. Kana will manage the hotel. An undisclosed national lender provided the 10-year loan with a fixed 3.8 percent interest rate and a 30-year amortization schedule. Blackstone sold the asset, which is located about 10 miles south of downtown Birmingham.

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