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7/14/25
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A 99-room Best Western hotel in San Mateo will be converted to a Home 2 Suites by Hilton hotel. Property ownership has obtained a $13.9 mil loan, enabling them to move forward with the project.
The financing, arranged by J.D. Blashaw with MetroGroup Realty Finance, consisted of $9.5 mil to retire the existing bridge loan and $4.4 mil of future funds to execute the higher brand conversion. The floating senior loan was funded by a national bank based in Missouri. It features a five-year term with a three-year floating rate period and interest-only debt service during the construction and brand conversion then a two-year perm option upon stabilization.
According to Blashaw, the loan paid off the higher-rate acquisition loan, significantly reduced the borrower’s debt service, provided funds for construction and FF&E to meet Hilton brand standards.
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