Remington Financial Group arranged $4.5 million in debt and equity bridge financing for an 11-story, 249-room full service hotel for one of the world’s top hotel companies. The hotel had been closed due to electrical and mechanical problems; and 100 rooms were in disrepair. The first mortgage on the property was in default, and the lender was preparing to foreclose when Remington delivered $4.5 million in financing to the principal of the hotel. As a result, the hotel will continue to operate and will be the only high-rise indoor corridor property under the company’s flagship name in the Midwest. Remington arranged a JV with one of our participating lenders to provide debt and equity financing to refinance and renovate the hotel. A total of $6 million was invested over an 18-month period. The hotel was sold for more than $12 million.