Casa De Palmas hotel acquired for $8.8 million

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Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged an $8,775,000 loan for the acquisition of Hotel Casa de Palmas, a 165-room luxury hotel located at 101 N Main Street in McAllen, Texas. Courtesy Image
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Texas Border Affairs

MCALLEN, Texas – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged an $8,775,000 loan for the acquisition of Hotel Casa de Palmas, a 165-room luxury hotel located at 101 N Main Street in McAllen, Texas.

The funding was secured by Robert Bhat, Senior Vice President, Capital Markets, based in MMCC’s Miami office.

“This hotel is located in downtown McAllen, TX which is a rapidly growing market. The main demand drivers are businesses and municipalities related to border protection,” Mr. Bhat said. “The luxury hotel, designed in classic Spanish Colonial Revival architecture, was originally built in 1918 and newly renovated in 2020.”

The MMCC team secured 65% LTV non-recourse acquisition financing with a 10-year term and 30-year amortization.

According to Marcus & Millichap’s 2022 National Hospitality Mid-Year Report, the hospitality industry has fended off most pandemic-related challenges as travel demand improves. Demand for rooms in the first six months of the year was in line with bookings for the same windows in 2017 and 2018, only exceeding 2019’s record length by about 3%.

About Marcus & Millichap Capital Corporation

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Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices in the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales, and advisory and due diligence services. In 2021, MMCC closed 2,474 transactions totaling $11.6 billion. To learn more, please visit: marcusmillichap.com/funding

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