HFF secures $12.6 million acquisition and repositioning financing for beachside hotel in Pensacola Beach, Florida
CHICAGO, IL – June 28, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $12.6 million in non-recourse financing for the acquisition and repositioning of the Days Inn Hotel, a 123-room beachside hotel located in Pensacola Beach, Florida.
HFF worked on behalf of the borrower, a joint venture between RREAF Holdings and Innisfree Hotels, to place the non-recourse floating-rate loan with Benefit Street Partners Realty Trust. Innisfree Hotels will be a partner in the hotel and will manage the property.
After renovations are complete, the three-story Days Inn hotel will have two outdoor, resort-style pools; a Tiki bar; upgraded landscaping; an additional seven guest rooms; fitness center; business center; beach access and sundeck. Situated on white sand beaches overlooking the Gulf of Mexico, the hotel is located at 16 Via De Luna Drive on Pensacola Beach’s Santa Rosa Island. The hotel is within walking distance to numerous popular restaurants and is proximate to major tourist attractions, including deep-sea charters, recreational water sports, Naval Air Station Pensacola and the Zoo at Gulf Breeze.
The HFF debt placement team representing the borrowers was led by director Jeff Bucaro and associate Nicole Schmidt. This represents the 10th financing transaction completed by Bucaro for the two borrowers.
About RREAF Holdings
RREAF Holdings is a privately-held commercial real estate firm based in Dallas, Texas, with a history of success in the acquisition, development, asset management, ownership, repositioning and financing of complex real estate projects throughout the United States. RREAF Holdings was formed in 2010 to develop high-quality projects, create programmatic acquisition platforms and provide superior service and value to a wide range of investors from institutional capital partners to high net worth individuals. To learn more, visit rreaf.com.
About Innisfree Hotels
Innisfree Hotels is a hotel company delivering exceptional service, guest satisfaction and return on investment since 1985. Innisfree develops, owns and/or operates destination resort hotels, primarily along the Gulf Coast of Florida and Alabama, and has grown to over 20 hotels with 3,500 rooms. The company embraces its motto of “creating fun, memorable experiences,” while cultivating innovation and excellence in everything it does. Visit innisfreehotels.com for more information.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.