JLL’s Hotels & Hospitality Group has arranged a $110-million refinancing for two adjacent beachfront hotels totaling 481 keys in Pensacola Beach, FL. The company also added two new employees.
JLL represented the borrower, Innisfree Hotels, in securing the five-year, fixed-rate loan with flexible repayment options through a regional bank. The loan proceeds were used to pay off a maturing CMBS loan secured by JLL 10 years ago. In addition, the loan included more than $18 million for future capital improvements and $23 million of cash back to the sponsorship. This transaction represents more than $500 million in financings secured for Innisfree Hotels.
The first hotel is the 275-key Hilton Pensacola Beach, which offers a mix of traditional guestrooms as well as one-, two- and three-bedroom suites. The property features 15,000 sq. ft. of meeting space, two outdoor pools, an indoor heated pool, a hot tub, beach access, a fitness center and the Luna Fine Art Gallery. The hotel also offers four food and beverage outlets, including Butler’s Pantry, Bonsai, Sal De Mar and H2O Grill.
The second hotel is the Holiday Inn Resort Pensacola Beach which offers 206 guestrooms and suites. The property features a 250-ft. lazy river pool, fitness center, table tennis, indoor pool, outdoor pool and outdoor whirlpool. The property has two food and beverage outlets, Riptides Sports Bar and Gulf Front Tiki Bar and 6,500 sq. ft. of meeting space.
Both hotels have approximately 300 sq. ft. of frontage on Pensacola Beach. The hotels are positioned 12.5 miles from the Pensacola International Airport, which services more than 20 destinations offered by eight airlines. The properties can also be reached via the Pensacola Bay Bridge. Nearby local attractions include Pensacola Beach Gulf Fishing Pier, Pensacola Museum of Art, Pensacola MESS Hall, Gulf Breeze Zoo, Splash City Adventures and more.
The JLL Hotels & Hospitality team representing the borrower was led by EVP Jeff Bucaro, Senior Associate Maddie Blount and Analyst Mark DesLauries.
Ketan Patel and Phil White join the company
Ketan Patel has joined the firm as a managing director in the firm’s Washington, DC office. Patel will focus on growing JLL’s select-service investment sales business, as well as enhancing the firm’s hospitality presence in the Mid-Atlantic region. He reports to Kevin Davis, CEO, Americas.
“I am tremendously excited to welcome Ketan to our growing team,” said Davis. “He is well-known among our clients as a relentlessly focused, tireless professional who delivers outstanding results. I look forward to working with Ketan to expand our presence in the select service space.”
Patel joins JLL with more than 20 years of experience in the hospitality industry, 17 of which have been at brokerage firms where he has completed more than 250 transactions across the U.S. He has experience completing single asset and portfolio transactions consisting of both full and select-service hotels.
In addition, Phil White will be joining JLL’s New York office as a VP working under Patel. White started his career working in hotel operations before spending four years as an investment banking analyst where he began assisting the brokerage services division. He then transitioned to the client support and transaction division where he analyzed more than 400 properties across the U.S., resulting in the valuation of more than $6 billion and the disposition of assets collectively valued at more than $1 billion.