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