AIDEA participated in the financing of the
newly constructed Aspen Suites
Hotel on Tudor Road in Anchorage. The
four-story hotel (52,250 sq. ft.) contains 92 rooms and employs 14 permanent
employees, while approximately 90 jobs were created during the construction
phase.
The extended-stay hotels are a niche
market and are different from other
hotels due to the variety of options
offered to travelers. There is a need in the Alaska market for this kind of
accommodation and it appears to be a good fit
for Anchorage.
The Alaska USA Federal Credit Union
originated the $4.8 million loan with
AIDEA participating at 50 percent for $2.4
million. AIDEA’s participation in the loan was critical to the project’s success
because the 25-year term will give
the business a long-term, stable financial
foundation. This is the fourth loan that Aspen Hotels
has obtained through AIDEA in the
past 14 years.
“AIDEA has been great to work with over
the years because we feel their lending program
meets our requirements.
We like the fact that
we have an option for a long term fixed
rate loan. This allows our business to have financial serenity
because the interest rate will remain the same for the length of the
loan.”
– George Swift, Aspen Management Group,
LLC
