LOS ANGELES — iBorrow, a private direct lender for commercial real estate, has provided an $11 million loan to Shilo Inn Suites Oceanfront Hotel, a 95,235-square-foot, 113 room full-service hotel located on the beach in Seaside, Oregon, approximately 80 miles from Portland.
The hotel includes a 24-hour indoor pool, spa, sauna, steam room, fitness center, restaurant and meeting space. The hotel is undergoing a property improvement plan (“PIP”), which includes a complete remodel of the hotel’s elevators, outdoor and patio areas.
“We are confident that with the borrower’s experience and proven history of success operating hotels, he will use the proceeds of our loan to enhance the value and profitability of this property,” said iBorrow CEO Brian Good.
“The hotel’s unique location along the Oregon coast and adjacent to the famous Promenade have contributed to its desirability and its historically consistent cash flow.”
The borrower, Mark Hemstreet, is the owner and founder of Shilo Inns and has developed 47 Shilo hotel properties. He currently owns 23 Shilo Inn hotels consisting of 2,753 rooms/suites and 18 restaurants across seven western states.