MMCC has successfully secured a financing package totalling $5.6m for the purchase of Dulles Suites Extended Stay, a small-scale hotel in Sterling, Virginia, US.

This 94-room establishment is positioned approximately 25 miles from Washington, DC.

The financial arrangement was organised by Jared Cassidy, a senior director at MMCC's office in the US capital.

Cassidy said: “The client, a local and very successful business and real estate family, acquired the property with a thorough plan to refresh the entire hotel.

“The property will now benefit significantly in its new ownership by using both a capital improvement plan and a complete overhaul of the property, which will be a nationally recognised hotel brand.”

The funding was procured through a regional banking institution that provided not only a new senior loan but also permitted the acquirer to take over an existing SBA 504 loan that came with a favourable interest rate of under 3%.

The newly acquired conventional loan spans ten years and carries an interest rate of 6.5%, with an amortisation schedule extending over 25 years.

The Dulles Suites Extended Stay hotel offers a range of amenities, including complimentary Wi-Fi, and free breakfast.

It is a 100% smoke-free establishment with accessible facilities for disabled guests, including wheelchair-accessible elevators and specially trained staff.

The hotel also features a fitness centre, free parking, on-site guest laundry, a business centre and a gift shop is also available on the premises.

Guests of Dulles Suites Extended Stay can enjoy nearby attractions such as the Potomac River, the Oatlands Historic House and Gardens, and the Sully Historic Site.