Main Street Registry

Fairfield Inn & Suites by Marriott

Muskogee, OK · Hotels (except Casino Hotels) and Motels · NAICS 721110

Fairfield Inn & Suites by Marriott, located in Muskogee, Oklahoma, operates in the Hotels (except Casino Hotels) and Motels industry. The business was financed with an SBA 7(a) loan for a change of ownership totaling $5,000,000, approved on March 18, 2024 by Open Bank.

SBA 7(a) loan, change of ownership, approved Mar 18, 2024

$5,000,000 approvedLender: Open Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$5,000,000
SBA-guaranteed amount
$3,750,000 (75% of the approval)
Lender
Open Bank, Los Angeles, CA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
9.75%, variable
Term
25 years (300 months)
Estimated maturity
March 18, 2049 (estimated, approval date plus term)
Estimated monthly payment
$44,557 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Mar 27, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
17
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
Fairfield by Marriott/Fairfield Inn & Suites by Marriott/Fairfield Inn by Marriott/Fairfield by Marriott Inn & Suites
Project location
Muskogee County, OK
SBA district office
Oklahoma District Office
Congressional district
OK-02
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 76% of acquisition loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average acquisition loan in Hotels (except Casino Hotels) and Motels: $3,241,374.
  • Average acquisition loan in Oklahoma: $1,861,759.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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Same industry in Oklahoma