Canadians and many other international visitors are avoiding Phoenix due to the Trump administration’s scare, which is also having an impact on the hotel industry.
The existing mortgage loan secured by the Four Seasons Resort Scottsdale at Troon North was refinanced. The previous loan had a balance of $140 million with an interest rate of SOFR + 3.75% and a final maturity in December 2028.
The new non-recourse loan has a balance of $180 million and bears interest at a floating rate of SOFR + 3.00%. The lender is Aareal Capital Corporation. The new loan has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions.
This flexible financing significantly enhances liquidity while also reducing the cost of debt at a higher loan-to-value ratio.
