Tishman Hotel & Realty and MetLife Investment Management secured huge refinance deals near America's most famous theme parks, signaling the lending roller coaster could be on the upswing. .
Bank of America, Wells Fargo and Goldman Sachs are investing 2,619 key Swan & Dolphin resorts adjacent to Walt Disney World in Lake Buena Vista to enhance the five Provided $735 million in financing during the year. JLL's Kevin Davis, Mark Fisher and Kayleigh O'Connell facilitated the floating rate CMBS loan. The debt amounts to $250,000 per key.
Securing a loan of this size is a win given the tough lending environment that has battered commercial real estate since last year, hindering sales in many areas across the country and making it difficult for landlords to refinance properties. is.
Davis, CEO of JLL's Hotels & Hospitality Group Americas, said the deal was based on “strong local cash flow, the resort's unique competitiveness, and the commitment Tishman and MIM have built. “This confirms 35 years of incredible achievements.” Orlando. ”
The resort consists of three hotels: the 756-key Walt Disney World Swan, the 1,514-key Walt Disney World Dolphin, and the 349-key Swan Reserve, all part of Marriott's Autograph Collection. Tishman and MetLife built the hotel in 1989, 1990, and 2021, respectively, and it is the only non-Disney-owned hotel on Walt Disney World property.
The resort, approximately 25 minutes southwest of Orlando, has more than 452,000 square feet of meeting and event space and 100,000 square feet of outdoor space. Facilities include 16 restaurants, seven bars, three fitness centers, six pools, and a 12,000 square foot spa.
Several other hotels in Florida have undergone nine-figure refinances since late last year, a sign that the hospitality industry continues to recover from the pandemic that caused a sharp decline in leisure travel.
In October, Fort Partners secured $410 million to refinance two Four Seasons resorts in South Florida. Pebblebrook Hotel Trust secured a $140 million loan for the Margaritaville resort in Hollywood Beach about a month ago.
—Quinn Donahue
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