NexPoint Diversified Real Estate Trust Completes $95 Million Refinancing of Marriot Dallas Uptown
NexPoint Diversified Real Estate Trust (NYSE: NXDT) and Alamo Manhattan have successfully completed a $95 million refinancing of the Marriot Dallas Uptown hotel. The financing package includes $87.5 million in initial loan proceeds to replace existing debt and two future-funded earnout facilities worth $7.5 million.
The transaction generates approximately $19 million in cash proceeds, with NXDT receiving about $15 million. Through the earnout facilities, NXDT could access an additional $6.5 million in future draws. The refinancing provides significant interest expense savings.
The 14-story, 255-key hotel, majority-owned by NXDT through AM Uptown Hotel, , is located in Dallas's Uptown neighborhood. The property features 13,000 square feet of meeting space, a rooftop pool, lounge, and ground-floor restaurant. The hotel, which opened in Q1 2021, serves business travelers by providing an affordable quality option in an area dominated by luxury hotels.
NexPoint Diversified Real Estate Trust (NYSE: NXDT) e Alamo Manhattan hanno completato con successo un rifinanziamento di 95 milioni di dollari dell'hotel Marriot Dallas Uptown. Il pacchetto di finanziamento include 87,5 milioni di dollari nel provento iniziale del prestito per sostituire il debito esistente e due strutture di earnout future del valore di 7,5 milioni di dollari.
La transazione genera circa 19 milioni di dollari in proventi cash, con NXDT che riceve circa 15 milioni di dollari. Attraverso le strutture di earnout, NXDT potrebbe accedere a ulteriori 6,5 milioni di dollari in prelievi futuri. Il rifinanziamento offre significativi risparmi sui costi degli interessi.
L'hotel di 14 piani, con 255 camere, è principalmente di proprietà di NXDT tramite AM Uptown Hotel ed è situato nel quartiere Uptown di Dallas. La struttura dispone di 13.000 piedi quadrati di spazio per meeting, una piscina sul tetto, un lounge e un ristorante al piano terra. L'hotel, aperto nel primo trimestre del 2021, serve viaggiatori d'affari offrendo un'opzione di qualità a prezzi accessibili in un'area dominata da hotel di lusso.
NexPoint Diversified Real Estate Trust (NYSE: NXDT) y Alamo Manhattan han completado con éxito un refinanciamiento de 95 millones de dólares del hotel Marriot Dallas Uptown. El paquete de financiamiento incluye 87,5 millones de dólares en ingresos iniciales del préstamo para reemplazar la deuda existente y dos instalaciones de earnout financiadas en el futuro por un valor de 7,5 millones de dólares.
La transacción genera aproximadamente 19 millones de dólares en ingresos en efectivo, con NXDT recibiendo alrededor de 15 millones de dólares. A través de las instalaciones de earnout, NXDT podría acceder a otros 6,5 millones de dólares en retiros futuros. El refinanciamiento proporciona significativos ahorros en gastos por intereses.
El hotel de 14 pisos y 255 llaves, en su mayoría propiedad de NXDT a través de AM Uptown Hotel, se encuentra en el vecindario Uptown de Dallas. La propiedad cuenta con 13,000 pies cuadrados de espacio para reuniones, una piscina en la azotea, un salón y un restaurante en la planta baja. El hotel, que abrió en el primer trimestre de 2021, atiende a viajeros de negocios ofreciendo una opción de calidad asequible en un área dominada por hoteles de lujo.
NexPoint Diversified Real Estate Trust (NYSE: NXDT)와 Alamo Manhattan은 Marriot Dallas Uptown 호텔의 9,500만 달러 재융자를 성공적으로 완료했습니다. 이 자금 패키지는 기존 부채를 대체하기 위해 8,750만 달러의 초기 대출 수익과 두 개의 향후 자금 지원 수익 시설인 750만 달러가 포함됩니다.
이번 거래는 약 1,900만 달러의 현금 수익을 생성하며, NXDT는 약 1,500만 달러를 받습니다. Earnout 시설을 통해 NXDT는 향후 추가 650만 달러에 접근할 수 있습니다. 재융자는 상당한 이자 비용 절감을 제공합니다.
14층 건물로 255개 객실을 보유한 이 호텔은 AM Uptown Hotel을 통해 NXDT가 대부분 소유하고 있으며, 델라스의 Uptown 지역에 위치해 있습니다. 이 시설은 13,000 평방피트의 회의 공간, 옥상 수영장, 라운지 및 1층 레스토랑을 갖추고 있습니다. 2021년 1분기에 개장한 이 호텔은 고급 호텔들이 우세한 지역에서 합리적인 가격에 질 높은 옵션을 제공하여 비즈니스 여행객들에게 서비스를 제공합니다.
NexPoint Diversified Real Estate Trust (NYSE: NXDT) et Alamo Manhattan ont réussi à finaliser un refinancement de 95 millions de dollars de l'hôtel Marriot Dallas Uptown. Le package de financement comprend 87,5 millions de dollars en produits de prêt initiaux pour remplacer la dette existante et deux installations futures d'earnout d'une valeur de 7,5 millions de dollars.
La transaction génère environ 19 millions de dollars de produits en espèces, NXDT recevant environ 15 millions de dollars. Grâce aux installations d'earnout, NXDT pourrait accéder à 6,5 millions de dollars supplémentaires en retraits futurs. Le refinancement permet des économies significatives sur les coûts d'intérêts.
L'hôtel de 14 étages et 255 clés est principalement détenu par NXDT à travers AM Uptown Hotel et est situé dans le quartier Uptown de Dallas. La propriété dispose de 13 000 pieds carrés d'espace de réunion, d'une piscine sur le toit, d'un salon et d'un restaurant au rez-de-chaussée. L'hôtel, ouvert au premier trimestre de 2021, sert les voyageurs d'affaires en offrant une option de qualité à un prix abordable dans une zone dominée par des hôtels de luxe.
NexPoint Diversified Real Estate Trust (NYSE: NXDT) und Alamo Manhattan haben erfolgreich eine Refinanzierung in Höhe von 95 Millionen Dollar für das Marriot Dallas Uptown Hotel abgeschlossen. Das Finanzierungsangebot umfasst 87,5 Millionen Dollar an anfänglichen Darlehensmitteln, um bestehende Schulden zu ersetzen, sowie zwei zukünftige Earnout-Finanzierungseinrichtungen im Wert von 7,5 Millionen Dollar.
Die Transaktion generiert etwa 19 Millionen Dollar an Barerträgen, wobei NXDT etwa 15 Millionen Dollar erhält. Über die Earnout-Finanzierungen könnte NXDT zusätzlich 6,5 Millionen Dollar an zukünftigen Abhebungen erhalten. Die Refinanzierung bietet erhebliche Einsparungen bei den Zinskosten.
Das 14-stöckige Hotel mit 255 Schlüsselzimmern ist mehrheitlich im Besitz von NXDT über die AM Uptown Hotel und befindet sich im Uptown-Viertel von Dallas. Die Liegenschaft verfügt über 13.000 Quadratfuß Tagungsfläche, einen Dachpool, eine Lounge und ein Restaurant im Erdgeschoss. Das Hotel, das im ersten Quartal 2021 eröffnet wurde, richtet sich an Geschäftsreisende, indem es eine erschwingliche Qualitätsoption in einem Gebiet bietet, das von Luxus-Hotels dominiert wird.
- Secured $95 million refinancing with favorable terms
- Generates $15 million in immediate cash proceeds for NXDT
- Potential for additional $6.5 million through earnout facilities
- Reduces interest expense
- None.
Insights
The
The refinancing's timing is opportune given the current market dynamics in Dallas's Uptown submarket. The property's positioning in the mid-market segment, targeting business travelers, fills a important gap between luxury offerings and budget accommodations. With 255 keys and 13,000 square feet of meeting space, the asset maintains a competitive advantage in capturing corporate demand from both Uptown and Downtown business districts.
The KKR-provided financing through their opportunistic real estate credit strategy suggests favorable terms, likely reflecting the property's strong fundamentals and strategic location. The interest expense savings will directly enhance the property's NOI and potentially boost NXDT's distributable cash flow to shareholders.
The refinancing validates the Property's successful operating model in a highly competitive Dallas hospitality market. The hotel's strategic positioning between luxury five-star properties and lower-tier offerings has proven effective, particularly in capturing the underserved business traveler segment in Uptown Dallas. The 13,000 square feet of meeting space represents a significant revenue driver, especially given the property's location near major corporate offices.
The property's amenities package, including the rooftop pool and ground-floor restaurant, aligns well with both business and leisure guest preferences in the Uptown submarket. Having opened in Q1 2021, the property has likely established stable operations and market presence, making this refinancing particularly well-timed. The additional earnout facilities provide flexibility for potential future improvements or market opportunities, ensuring the property can maintain its competitive edge in the dynamic Dallas hospitality landscape.
The new
The transaction provides significant interest expense savings and results in approximately
"We are pleased to complete this refinancing, which brings significant benefits to both NXDT and the Property," said Matthew McGraner, NXDT Chief Investment Officer and Executive Vice President. "It affirms the quality of the asset and builds positive momentum for NXDT to start the year, which we expect to continue throughout 2025."
The 14-story hotel, majority owned by NXDT through AM Uptown Hotel, LLC, is located at 3033 Fairmount Street in
About NexPoint Diversified Real Estate Trust
NexPoint Diversified Real Estate Trust is an externally advised, publicly traded, diversified real estate investment trust (REIT) focused on the acquisition, development, and management of opportunistic and value-add investments throughout
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. In particular, statements relating to the availability and exercise of, and proceeds from, the two future-funded earnout facilities, the significant savings and benefits of the refinancing and the expected continuation of positive momentum throughout 2025 contain forward-looking statements. We caution investors that any forward-looking statements presented in this press release are based on management's current beliefs and assumptions made by, and information currently available to, management. When used, the words "will," "potential," and "expect," the negative version of these words and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions.
Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control as described in greater detail in our filings with the Securities and Exchange Commission (the "SEC"), particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements and encourage you to review our other filings with the SEC for a more complete discussion of risks and other factors that could affect any forward-looking statement.
CONTACTS
Investor Relations
Kristen (Thomas) Griffith
ir@nexpoint.com
Media Relations
comms@nexpoint.com
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SOURCE NexPoint Diversified Real Estate Trust
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