Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
100-Year-Old Hotel Trades in McAllen
It’s truly a classic. When Fidel Castro was bailed out of prison by the Mexican President, he secretly met at the Casa de Palmas Hotel in early 1956 with former Cuban President Carlos Prio Socarras to seek funding for his guerilla fighters. Casa de Palmas was listed in the National Register of Historic Places in 2003. The building is now part of the Trademark Collection by Wyndham.
The property was recently sold, thanks to an acquisition loan of $8.8 million acquisition loan arranged by Marcus & Millichap (MMCC). The 165-room property located in the Rio Grande Valley city of McAllen was built in 1918 and renovated in 2020.
Robert Bhat of MMCC arranged the nonrecourse loan, which was structured with a 65 percent loan-to-value ratio, a 10-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
- ◦Sale/Acquisition
