 |
| Rebecca VanReken |
The hotels reside on a ground lease held with the United States Air Force with 45 years of remaining term.
JLL worked on behalf of the borrower, Innisfree Hotels and its partner, the Band of Poarch Creek Indians, to place the 10-year, fixed-rate acquisition loan with Ladder Capital Finance LLC.
Proceeds were used to pay off the original construction financing and provided more than $8.4 million of cash back to the borrower.
 |
| Nicole Aguiar |
Proceeds were used to pay off the original construction financing and provided more than $8.4 million of cash back to the borrower.
The portfolio comprises the 178-room Hilton Garden Inn Fort Walton Beach and the 152-room Holiday Inn Resort Fort Walton Beach, which are two beachfront hotels on the Gulf Coast.
The Hilton Garden Inn, located at 1297 Miracle Strip Parkway SE, was completed in 2017 and features 5,000 square feet of event space; an outdoor swimming pool, lazy river with rock waterfalls, Whirlpool spa, tiki bar and fire pits; indoor, heated pool; fitness center, 24-hour business center; and The Garden Grille and Bar restaurant.
 |
| Jeff Bucaro |
The portfolio is on Santa Rose Island, a three-mile stretch of waterfront land bookended by protected national parks, which makes the area an extremely high-barriers-to-entry market.
The five-story hotels are across the street from the 24,000-square-foot Emerald Coast Convention Center and within a five-mile radius of Gulfarium Marine Adventure Park, Wild Willy’s Adventure Zone, Escape Zone 60, Okaloosa Island Fishing Pier, Eglin Air Force Base, Fort Walton Beach Golf Club, Hurlburt Field and The City of Fort Walton Beach Heritage Park & Cultural Center.
 |
| Brooks Moore |
The JLL Capital Markets team representing the borrower was led by managing director Jeff Bucaro, managing director Rebecca VanReken and director Nicole Aguiar.
The two-property portfolio represents the ninth and tenth properties that members of this team have closed for Innisfree Hotels.
The two-property portfolio represents the ninth and tenth properties that members of this team have closed for Innisfree Hotels.
“We knew this would be a more difficult financing assignment given the limited operating history of one of the assets combined with the shorter-term ground lease,” said Brooks Moore, CFO of Innisfree Hotels. “As always, this team performed exceptionally well and closed the transaction during a very volatile time in the CMBS markets.”
“It is typically challenging to secure permanent debt financing on hotels with limited operating history – especially when a return of equity is involved,” Bucaro added.
“But Innisfree is an exceptional owner/operator with an amazing track record as evidenced by their new hotels consistently outperforming the market within a month or two of opening.”
“But Innisfree is an exceptional owner/operator with an amazing track record as evidenced by their new hotels consistently outperforming the market within a month or two of opening.”
CONTACTS:
Jeff Bucaro, JLL Managing Director
Phone: +1 312 528 3678
Email: Jeff.Bucaro@am.jll.com
Rebecca VanReken, JLL Managing Director
Phone: +1 407 745 3900
Kimberly Steele
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.comU.S. newsroom.
jll.com.
https://innisfreehotels.com
No comments:
Post a Comment