MIAMI, FL – The Miami and Pittsburgh offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged a senior loan for the Hyatt Regency Sarasota, (top left photo) a 294-room hotel in Sarasota, Florida.Working exclusively on behalf of The Blackstone Group, senior managing director Dan Peek and director Terri Echarte (bottom left photo) of HFF Miami and managing director Mark Popovich (middle right photo) of HFF Pittsburgh placed the two-year, adjustable-rate loan with Bank of America.
The loan, which has two one-year extension options, is being used to recapitalize the asset following a complete property renovation in 2007/2
008.
008. Located at 1000 Boulevard of the Arts, the Hyatt Regency Sarasota is directly on Sarasota Bay close to the beaches of Lido Key, Longboat Key and Siesta Key as well as popular tourist attractions including St. Armand’s Circle and the Van Wezel Performing Arts Hall.
The property is a full-service hotel with 23,000 square feet of meeting space, 354 parking spaces and a 32-slip marina.
“The Hyatt Regency Sarasota is positioned within its competitive set as the premier upp
er-upscale property in the downtown submarket. No new hotels are planned or under construction in the area therefore ensuring the Hyatt stays at the top of this submarket,” said Peek.
er-upscale property in the downtown submarket. No new hotels are planned or under construction in the area therefore ensuring the Hyatt stays at the top of this submarket,” said Peek. Blackstone is a leading global alternative asset manager and provider of financial advisory services listed on the New York Stock Exchange (ticker symbol BX) with total assets under management of $116.3 billion as of September 30, 2008.
CONTACTS:
CONTACTS:
Daniel C. Peek, HFF Senior Managing Director, 305 448 1333, dpeek@hfflp.com
Mark Popovich, HFF Managing Director, 412 281 8714, mpopovich@hfflp.com
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com
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