NATIONAL REPORT—Across the country, hotels are changing hands or securing financing. Here’s a closer look:
Hunter Closes on Beachfront Property
Hunter advised 1,754 properties on the purchase of the TradeWinds Island Grand Resort and Rumfish Beach Resort, which sit on 31 beachfront acres in St. Pete Beach, FL. There’s more than 800 guestrooms and suites, seven pools and 14 food and beverage venues on-site, in addition to a 33,500-gallon aquarium located in one of the restaurants. Robert Taylor, SVP of Hunter’s Miami office, led the selling team. Aberdeen Advisors Inc. of St. Petersburg, FL listed the property.
HREC Arranges Sale of Hampton Inn
HREC Investment Advisors has arranged the sale and purchase financing of the 117-guestroom Hampton Inn Rochester North located in Rochester, NY. The sale was led by Ketan Patel, managing director in the Washington, DC office; Mark von Dwingelo, SVP in the Danbury, CT office; and the purchase financing was led by John Siska, VP of the HREC capital markets in the Boston office. HREC placed the five-year, fixed-rate acquisition loan on behalf of the buyer with a regional bank. Rochester is located on the southern shore of Lake Ontario and is New York State’s third most populated city behind New York City and Buffalo.
RobertDouglas Advises Refinance of Property in Key West, FL
RobertDouglas advised Braemar Hotels & Resorts in securing an $80-million non-recourse senior mortgage for the refinancing of Pier House Resort & Spa in Key West, FL. The Pier House Resort & Spa in Key West has 142 guestrooms, a 2,600-sq.-ft. conference center, a private beach, an outdoor heated pool with whirlpool, a health club and fitness center and a spa.
Merchants Hospitality Closes Financing for Z Hotel
Merchants Hopitality has closed financing on another one of their hotel properties with a new $38 million mortgage for its Z Hotel in Long Island City, NY. The mortgage was financed by Taconic Capital Advisors. The financing replaces the construction financing that Merchants utilized to renovate the hotel and retail spaces. The financing, along with more than $15 million in equity, was utilized for the acquisition and renovation which includes the newly created 100-room lifestyle hotel. Currently managed by Real Hospitality Group, the hotel includes 45,000 sq. ft. of retail, office, food and beverage and amenity space.
Colliers Selected to Secure Financing for Tennessee Resort
Colliers International has been selected by developer New Paradigm Development Partners to secure $524 million in financing for the development of Blue Mist Mountain Resort on the doorstep of the Great Smoky Mountains National Park. Once financing is secured, the project should be delivered in the late fall of 2021 or spring 2022. The project will include The Stirling Hotel, a 307-key hotel with meeting space; The Highlanders, a group of 200 vacation townhomes and 40 four-bedroom vacation residences; The Boardwalk, a shopping, dining and entertainment strip surrounding The Crystal Lake, a five-acre manmade lake with grotto style cabanas; and Rocky Top, an outdoor adventure facility with The Blue Mist Craft Brewery.
Sonnenblick-Eichner Arranges Financing for Resort in Palm Springs, CA
Sonnenblick-Eichner Company has arranged $13.75 million in construction and interim financing for the L’Horizon Resort and Spa in Palm Springs, CA. The five-year LIBOR-based loan provides funds to refinance the existing debt on the 25-room resort as well as for the ground-up construction of an additional 24 bungalow-style guestrooms on an adjacent parcel. The resort offers nearly 50 water features dispersed throughout the property, an infinity-edge swimming pool and fire pit.
NAI Realvest Has Resort Area Development Site on the Market
NAI Realvest, representing a 99.39-acre development site on South Goodman Rd. between ChampionsGate and Reunion Resort, is marketing the property for $7.25 million. Close to Walt Disney Resort, the site currently offers frontage on Masters Blvd. with access to Interstate 4 and SR 429. At this time, an application is in process to change the county’s future land use from residential to tourist commercial, which will allow hotel/resort development, multi-family, short-term vacation rentals or townhomes.