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Cronheim secures loan for airport hotel

Cronheim Hotel Capital (CHC) has secured financing for the acquisition and repositioning of the Westin at BWI Airport.

The non-recourse bridge loan funded 72 percent of the total acquisition costs for a three-year term with two 1-year extension options.

CHC worked on behalf of Frontier Development, a Washington DC-based hotel investor/developer.

The 260-key BWI Westin was built in 2007 but, despite being the newest full-service hotel in the market, it was performing at 4th place among comparable hotels. Frontier saw an opportunity to improve revenue management strategy and position the property as the market rate leader, reflecting its superior brand and product.

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