Monday, May 6, 2013

HFF arranges $85 million financing for Cheeca Lodge & Spa in the Florida Keys




Cheeca Lodge & Spa, Florida Keys

TAMPA, FL – HFF announced today that it has arranged $85 million in financing for the Cheeca Lodge & Spa, a landmark luxury destination resort in the Florida Keys.  The property is AAA four diamond-rated and has been ranked as one of Travel & Leisure’s “500 Greatest Hotels in the World”.

HFF worked on behalf of NWCL LLC, an affiliate of Northwood Investors, to secure the 10-year, fixed-rate CMBS loan.  The borrower acquired the property in 2011 in a transaction arranged by HFF’s hotel group. 

Cheeca Lodge is “one of the country’s most recognized resorts” situated on 27 acres with more than 1,200 linear feet of beachfront in Islamorada. 

Originally developed in 1946, the property was extensively renovated between 2003 and 2010, and the main lodge building was completely rebuilt in 2009. 

Max Comess
The luxury resort includes 214 units, a mix of hotel rooms and third-party owned condominiums, 5,439 square feet of function space, three restaurants, a Jack Nicklaus-designed nine-hole golf course, two swimming pools, a 5,500-square-foot spa, six tennis courts and a fishing/mooring pier. 

The property also maintains the rights to develop 28 new units through an approved site plan.

The HFF team representing the borrower was led by senior managing director Dan Peek, director Chris Drew, associate director Max Comess and senior real estate analysts Cyrus Vazifdar and Scott Wadler. 

Chris Drew
“Northwood is a market savvy institutional investor that is locking in generationally low, fixed-rate financing for a core asset in its portfolio,” said Drew.  “We continue to see our more sophisticated clients implementing this exact strategy to manage future interest rate risk.” 

“HFF’s hotel group is extremely pleased to facilitate another successful transaction on this world-renowned resort,” commented Peek.  “We have the utmost respect for the Northwood team and were pleased to be of service once again.”

HFF’s hotel group completed more than $1.7 billion in hotel transactions across all capital markets nationally in 2012, with more than $248 million of that volume in the state of Florida. 

For a complete copy of the company’s news release ,please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

No comments: