JLL’s hotels and hospitality group this week arranged a $110 million refinancing for two neighboring hotels in Pensacola Beach, Florida on behalf of Innisfree, the Gulf Breeze-based hotel management company.
The refinancing is a fixed-rate, five-year loan with flexible repayment options which retires a maturing CMBS loan that JLL secured 10 years ago. The loan also provides more than $18 million for future capital improvements and returns $23 million of cash back to the sponsorship.
The two properties that back the loan are Hilton Pensacola Beach and Holiday Inn Resort Pensacola Beach, with both having the frontage of the beach. The 481-key portfolio features hundreds of guest rooms, suites and amenities including gyms, meeting areas and indoor or outdoor pools. Both hotels are located 12.5 miles from the Pensacola International Airport and can be reached via the Pensacola Bay Bridge.
The JLL hotels and hospitality team representing the borrower was led by executive vice-president Jeff Bucaro, senior associate Maddie Blount and analyst Mark DesLauries.
As JLL reports, over the last five years, the company’s hotels and hospitality group has completed transactions totaling $83 billion worldwide.