Barings, a diversified real estate investment manager, jointly originated a $113 million debt package alongside affiliates of Apollo to refinance the Westin Indianapolis (the hotel) in downtown Indianapolis. An affiliate of KSL Capital Partners has owned the hotel since 2019.
The loan was structured with mezzanine and senior mortgage components. Barings funded the mezzanine component of the loan, with Apollo affiliates originating the senior portion.
“We are excited to partner with Apollo to provide this financing for KSL, a best-in-class hospitality investor,” Daniel Hedgepeth, director with Barings, said. “We view the hotel as a high-quality asset in a prime downtown location, offering direct connectivity to the Indianapolis Convention Center. We consider fundamentals in the Indianapolis hotel market to be healthy with a favorable supply environment and strong growth in demand with the continued recovery of business and group travel. With extensive property renovations completed in recent years, we believe the Westin Indianapolis is well-positioned for strong future performance.”
Eastdil Secured advised the sponsorship on the financing.
