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| 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.
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| 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.”
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| 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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