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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.
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| 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.
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| 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
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