SCOTTSDALE, AZ–Arriba Capital announces that it recently closed a $12,500,000 cash-out refinance for a 144-room, independent hotel located in Sedona, Arizona. The subject has undergone significant property-wide renovations in recent years and the new loan will allow the sponsorship to continue with their vision of expanding into a full-service resort. The loan proceeds were utilized to refinance the existing real estate debt while providing enough cash-out proceeds to purchase an adjacent parcel, for future expansion of a world-class spa.
Property amenities include a fine Mexican cuisine restaurant, two outdoor pools, and hot tubs, a fitness center, electric vehicle charging stations, a dog park, multiple firepits, and a thriving monthly calendar of events for guests to enjoy.
Sedona is located 120 miles north of Phoenix. Located in the Oak Creek Canyon, the area is distinguished by the red sandstone rock formations rising above the natural pine vegetation. The city is a major tourist destination as well as a common stopping point in the heavily traveled Phoenix-Grand Canyon tourist route. Sedona offers many outdoor recreational opportunities including hiking, off-road Jeep tours, golf, tennis, and fishing. Estimates of 2 to 4 million visitors per year have been reported.
The loan was originated by Tim Valaski of Arriba Capital Hospitality Group.