Main Street Registry

Springhill Suites by Mariott

Coralville, IA · Hotels (except Casino Hotels) and Motels · NAICS 721110

Springhill Suites by Mariott is a hotel business in Coralville, Iowa, classified under the industry Hotels (except Casino Hotels) and Motels. The company financed real estate or equipment through an SBA 504 loan with an SBA portion of $4,363,000, approved on December 7, 2023, through the lender Farmers State Bank and the certified development company Iowa Business Growth Company.

SBA 504 loan, approved Dec 7, 2023

$4,363,000 SBA portionCDC: Iowa Business Growth Company25 years termStatus not reported (SBA exemption)Loan details
SBA (CDC) portion
$4,363,000
Bank portion
$5,400,000
Estimated project size
$10,847,778 (estimated)
Estimated owner equity
$1,084,778 (estimated, about 10% of the project)
Bank lender
Farmers State Bank, Marion, IA
CDC
Iowa Business Growth Company
Processing method
504 Refinancing: refinances existing business debt
Term
25 years (300 months)
Estimated maturity
December 7, 2048 (estimated, approval date plus term)
First disbursement
Mar 13, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
50
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
SpringHill Suites by Marriott
Project location
Johnson County, IA
SBA district office
Des Moines District Office
Congressional district
IA-2
Collateral
Yes

Estimated share of project by source

Bank 50% SBA (CDC) 40% Owner 10%

  • Larger than 81% of expansion loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average expansion loan in Hotels (except Casino Hotels) and Motels: $2,843,226.
  • Average expansion loan in Iowa: $1,994,971.

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.

Is this your company? Claim or correct this listing. See Corrections.

Same industry in Iowa