Holiday Inn Express Temecula upgrades with multiple SBA 504 hotel loans
Franchise owners renovate with second SBA hotel loan
TMC Financing today announced that Holiday Inn Express Temecula was purchased with a 20-year fixed-rate, SBA 504 loan for $11.3 million. The project, located at 27660 Jefferson Avenue in Temecula, features a 46,263 square foot building on an 113,099 square foot area of land. The financing will allow the Holiday Inn Express franchise owners to make interior upgrades and retain working capital, creating and retaining almost 30 employees.
“Holiday Inn Express in Temecula has worked with TMC before,” said Ron Coomes, Senior Vice President in TMC Financing’s LA office. “Our existing relationship with the sellers – having financed the location already – made the transition for the new owners a smooth process. The access to affordable capital will ensure that the new owners can add more jobs and help rejuvenate the growing Temecula economy.”
Coomes worked with Holiday Inn Express to provide financing via the SBA 504 commercial real estate loan program. The lender on the project was BBCN Bank in Los Angeles.
“I am very happy with the SBA 504 program,” said Lipsa Patel, owner of the Holiday Inn Express franchise location in Temecula. “The loan has helped my company to expand to a new venue in the Southern California area. TMC assisted us in the lending process and we were pleased to get help from Ron.”
Lipsa has more than 25 years of experience in the hospitality industry.
“This is a great example of how the SBA 504 program helps not only to create and retain jobs in a growing economic area, but is also an example of the SBA’s dedication to helping women-owned businesses thrive.” said Coomes.
The sellers for this property are Sapna and Sharad Khandwala of Alps Group of Hotels, who currently own and operate five hotels. Alps Group of Hotels is also an SBA 504 client of TMC Financing. Under the Khandwala’s management, the hotel’s occupancy rate and profitability increased significantly, proving their 15 years of hotel ownership experience successful.