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Access Point Financial Backs Hitalk Hotels Acquisition of Hyatt Place Mohegan Sun

March 06, 2020, 09:07 AM
Filed Under: Mergers & Acquisitions

Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, has signed an agreement with Hitalk Hotels to provide financing for the company’s acquisition of the Hyatt Place Mohegan Sun in Uncasville, Connecticut. Access Point Financial provided $10.1 million in financing for the acquisition of the property, which will be managed by Aimbridge Hospitality. The hotel is expected to now undergo a renovation to update its furniture, fixtures, and equipment in accordance with brand standards. The transaction closed on November 14, 2019.

Hitalk Hotels cited the reasons for selecting Access Point Financial as its financial partner in this transaction, as the firm’s committed reputation in the industry, as well as the flexible terms offered and the ability to close quickly in order to meet a tight deadline window. These attributes gave Hitalk Hotels added certainty that the del would be executed according to its requirements.

“Access Point Financial was our preferred partner in this transaction due to the firm’s hospitality industry experience and reputation for reliability, which was particularly important during this difficult financing window,” said Hitesh Patel, owner of Hitalk Hotels. “The Hyatt Place Mohegan Sun is an important property in our portfolio, due to its convenient location adjacent to the popular Mohegan Sun Casino.”

“The Hyatt Place Mohegan Sun’s wide range of offerings, such as free parking and pet-friendly rooms, position it well in a competitive market,” said Lori Tirado, Managing Director, Business Development at Access Point Financial. “We look forward to working with Hitalk Hotels as they continue to make improvements in this already standout property.”

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