PRESS RELEASES

 
 

MILESTONE CAPITAL CORPORATION SECURES $26.0 MILLION FIRST MORTGAGE LOAN ON BEHALF OF HILTON WASHINGTON D.C. / SILVER SPRING, MARYLAND
March 26, 2010


BOCA RATON, FL, Mar. 26, 2010 – Milestone Capital Corporation has concluded a $26.0 million first mortgage financing for the Hilton Washington, D.C. / Silver Spring Hotel (the “Hotel”) with Apollo Commercial Real Estate Finance, Inc. (New York, NY).  The proceeds were used to refinance the Hotel’s existing debt as well as provide capital for renovation projects. 

Mason W. Mednick, Executive Vice President of Milestone, stated, “We are very excited with the overall result of this transaction.  Milestone has a strong commitment to the greater Baltimore/Washington D.C. marketplace, which includes the dynamic and growth-orientated Silver Spring sub-market, and looks forward to reinvesting in this premier asset through additional renovation in the coming year.”

Milestone Capital Corporation is an affiliate of Milestone Hotel Partners, LLC, which has owned and operated the Hotel since December 2000.


About Milestone
Milestone is a leading full-service real estate development company specializing in the ownership and operation of hotel assets. Since 1996, Milestone has acquired 22 hotel properties located in eight states totaling 3,439 rooms. The Milestone Portfolio currently consists of 15 hotels located in seven states totaling 2,552 rooms. For more information about our company, please visit us online at www.milestonehotels.com.


 

     
           
       
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