$62,600,000 ACQUISITION AND CONVERSION FINANCING

BlueStone Hospitality & Leisure acted as the investment banker in bringing together Philadelphia-based AMC Delancey and Chicago-based Harp-MidAm Development to acquire the Holiday Inn Select in Naperville, IL, by raising $62,600,000 in equity and debt financing. BlueStone quickly understood the capital needs and time constraints of Harp-MidAm Development and was able to articulate these needs to equity and debt partners capable of committing the required capital and completing the due diligence in less than 45 days. The financing included high leverage, limited recourse, floating rate acquisition and debt that converts to a fixed rate upon stabilization of the property, as well as $14MM in joint venture equity. The Harp-MidAm Group commented that BlueStone’s leadership enabled a very smooth process and a timely transaction closing.