Sunday, July 19, 2015

HFF secures financing for Holiday Inn Express & Suites in downtown Naples, FL






Holiday Inn Express & Suites Naples Downtown - 5th Avenue, Naples, FL

ORLANDO, FL –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured first mortgage financing for the Holiday Inn Express & Suites Naples Downtown - 5th Avenue, a 124-room, select-service hotel in downtown Naples, Florida.

Michael Weinberg
HFF worked on behalf of the borrower, Palm Holdings, to place the seven-year, floating-rate loan with BankUnited.  Loan proceeds will be used to refinance existing debt and acquire additional hotels in Florida.  

The Holiday Inn Express & Suites Naples Downtown - 5th Avenue is located at 1785 Fifth Avenue South in central Naples, a southwestern Florida city nicknamed the “Paradise Coast” due to its 10 miles of beaches and reputation as a luxury destination.

 The only mid-market branded hotel on 5th Avenue out of the Marriott, Starwood, IHG and Hilton brands, the asset is within walking distance to a variety of boutiques, art galleries and restaurants in addition to being 2.3 miles from the Naples Pier and Gulf of Mexico beaches.

 Renovated and rebranded as a Holiday Inn Express & Suites in 2013, the four-story hotel has views of the Gordon River and Rock Creek’s canal.  Amenities include a heated outdoor pool with large deck area for sunbathing and hot tub, 24-hour business center, fitness center, 1,530 square feet of meeting space and complimentary breakfast.

The HFF debt placement team representing the borrower was led by director Michael Weinberg and associate director Scott Wadler

“Palm Holdings did an excellent job acquiring a well-located asset, investing the capital necessary and converting the hotel from an independent to a powerful brand,” Weinberg said.  “They ramped up performance quickly, and we able to place permanent debt at very attractive terms.”

Scott Wadler
“Lenders were attracted to the hotel’s prime location at the gateway to downtown Naples, the continued strength of the Naples lodging market and the departure of market seasonality,” Wadler added.

HFF’s Hotel Group has had particular success in closing resort transactions along Florida’s Gulf Coast, including the $185 million sale of La Playa Beach Resort in May and sales of the Waldorf Astoria Naples (now Naples Grande Resort) and the Hilton Clearwater Beach Resort. 

In May, the firm also closed the sale of the Mercato, a 456,359-square-foot, mixed-use retail lifestyle center in Naples.

 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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