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| Lido Beach Resort, 700 Ben Franklin Drive, Sarasota, FL |
BOSTON, MA – HFF announced today that it has arranged
financing for Lido Beach Resort, a 222-room beachfront hotel in
Sarasota, Florida.
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| Dana Brome |
HFF
worked exclusively on behalf of Ocean Properties, Ltd. to secure the
seven-year, fixed-rate loan with Cornerstone Real Estate Advisers acting on
behalf of an institutional investor.
Loan proceeds were used to refinance the existing loan.
Lido
Beach Resort is located at 700 Ben Franklin Drive, just north of Siesta
Key in Sarasota. Hotel amenities
include two swimming pools, three poolside Jacuzzi’s, a beachside Tiki bar,
fitness center and business center.
In addition, Ocean
Properties, Ltd. has planned a significant renovation of the rooms and
commercial areas within the first 2.5 years of the loan term. The extensive room renovation will include
replacement of the kitchen appliances and cabinets as well as new soft goods. The commercial area renovation will
incorporate the lobby and pool/Tiki bar.
The
HFF team representing Ocean Properties, Ltd. was led by senior managing
director Dana Brome.
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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