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$6.5m loan allows hotel group to get to the Point.

In a structured loan on behalf of the Garrett Hotel Group, Ramsfield Hospitality Finance closed a five-year, $6.5 million subordinated financing package.

The loan will enable GHG to consolidate its existing debt obligations and to invest in its premier assets, The Point and Lake Placid Lodge, consistently rated two of the most luxurious and elite lodging establishments in the U.S.

"We pride ourselves on our ability to create debt instruments for the hospitality industry that meet our borrower's needs," said Richard Mandel, President of RHF. "We are very pleased to become involved with GHG and these spectacular assets."

Situated on a 10-acre peninsula in Upper Saranac Lake, New York, The Point, originally built as the summer home of William Avery Rockefeller in 1929, is a five-star ultra exclusive boutique hotel that combines rustic elegance, highly personalized service, with Adirondack wilderness. It is the sister property of the Lake Placid Lodge, a 34-room suite luxury lakefront hotel with over 15 cabins, located directly on the scenic shores of Lake Placid, NY.

RHF Vice President Erik Warner added, "These properties are a part of the fastest growing segment of our industry--high-end lifestyle boutique hotels. Our proceeds will allow these premium, trend setting assets to continue to flourish and remain leaders in their respective markets."

Launched in 2003, Ramsfield Hospitality Finance is a Manhattan-based lender established to provide creative financing alternatives for hotel owners and investors.

The company structures subordinate and first mortgage loans ranging from $3 million to $50 million on properties in major U.S. markets. Ramsfield Hospitality Finance's joint venture partner is affiliated with Cargill Value Investment's North American Real Estate, LP Fund, based in Minnetonka, Minnesota.
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Title Annotation:Ramsfield Hospitality Finance invests in Garrett Hotel Group
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 8, 2005
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