AC & Element Hotels

The Hotels are on 1ˢᵗ Street North in downtown Birmingham within the Central City/Financial District. The site is also proximate to several demand generators: University of Alabama Birmingham, UAB Hospital, Birmingham Jefferson Complex, Regions Financial Corporation, Alabama Power Company, Protective Stadium, Regions Field and Innovation Depot.

Ascent Hospitality, a repeat borrower of six prior loans, all paid as agreed, is known to have a consistent operating track record. They have strong ties to the market and currently own approximately 14.7% of the total supply in the Birmingham CBD submarket.

Based on recent transactions involving similar assets in Birmingham and other primary markets within Alabama. The average sales price equates to approximately $215K/key, representing a 48.7% premium to the basis of the loan.