Hotels in Seattle and Maryland



	CRONHEIM MORTGAGE ARRANGES $8,125,000 FOR TWO HOTELS IN SEATTLE, WASHINGTON AND LAUREL, MARYLAND SEATTLE, WA & LAUREL, MD – David Turley and Frank Sullivan have arranged $8,125,000 in financing for the Days Inn SeaTac Airport in Seattle, Washington and the Quality Inn in Laurel, Maryland. Cronheim financed the 85-room mid-rise Days Inn International in Seattle, WA for $3,350,000 on a 10-year term with a 25-year amortization schedule. The property is located just three blocks south of the Seattle-Tacoma International Airport (SeaTac) on International Boulevard/Route 99 between 188^th Street and 192^nd Street within a cluster of airport hotels, restaurants, car rental facilities and park-n-ride lots. International Boulevard/Route 99 runs north to become the primary access point for arrivals and departures to SeaTac. SeaTac was the nation’s 17^th busiest airport in 2006 servicing nearly 30 million passengers. The property is located within two miles of two major industrial complexes belonging to Boeing Corporation, which helps drive demand for the local lodging market. The Days Inn SeaTac Airport is rated A+ within the chain and is the recipient of the Days Inn “Five Sunbursts” quality award, indicating that the hotel greatly exceeds normal standards for quality and service. The hotel features free high speed wireless internet, complimentary continental breakfast, free 24 hour airport shuttle service, and a business center. Cronheim financed the Quality Inn in Laurel, MD for $5,075,000 on a ten year loan with a 30 year amortization. The subject is a 96-room 5-story interior corridor hotel (4 rooms have exterior corridors) located along 2^nd street in Laurel, Maryland, directly adjacent to the Laurel Racetrack and Historic “Old Town” Laurel. Lying between I-95 and I-295, Laurel is located in Prince George’s County. Nearly 15,000 businesses employ over 230,000 workers in Prince George’s County, not including nearby military bases Fort George B. Meade and Andrews Air Force Base, which generate demand for the property. The Subject has undergone extensive renovations, which have taken place over the past four years.