Almanac Realty invests $100 million with hotel finance firm
The $2.5 billion Almanac Realty Investors has committed $100 million to recently formed Shaner Hospitality Finance, a company managed by Shaner Hotel Group. Shaner Hospitality Finance, which is structured as a REIT, provides equity and debt for a wide array of hotel financing needs, including funding for PIPS, refinancing, purchasing existing loans and preferred equity infusions for acquisitions.
Shaner Hospitality Finance focuses primarily on small to mid-sized hotel companies that have financing needs that are not served by lending institutions. Hotels must be well located in the United States, and the financing range is between $3 million and $50 million, which is available for both individual properties and portf