Smith Hill Capital, the commercial real estate debt investment arm of the Procaccianti Companies, along with Bain Capital Special Situations, have announced their joint venture’s successful origination and execution of a $72 million first mortgage loan to KSL Capital Partners. This loan is designated to refinance the historic Hotel Viking, situated in Newport, Rhode Island.
Hotel Viking, an iconic 208-room property, resides in Newport’s Historic Hill neighborhood. The location offers proximity to notable attractions such as the International Tennis Hall of Fame, the marina, and local beaches. The hotel boasts amenities including an indoor pool with a whirlpool, a fitness center, and over 14,000 square feet of indoor and outdoor event space.
“The closing of the loan for Hotel Viking underscores our commitment to providing capital for hospitality assets,” said Brendan McCormick, Managing Principal at Smith Hill Capital. “Hotel Viking, with its rich heritage, is an iconic landmark, and we are proud to play a role in its continued success and development. It was a true pleasure working with the KSL team and the members of the CBRE Hotels Institutional Group team.”
Formed in 2023, the Smith Hill and Bain Capital joint venture aims to address the financing needs of hospitality companies and assets in high-demand markets across the U.S. This partnership leverages decades of industry and capital markets experience to capitalize on attractive market opportunities.
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