HFF secures financing for Holiday Inn Express & Suites in downtown Naples, Florida
ORLANDO, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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.
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.”
“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.
About Palm Holdings
Palm Holdings' corporate offices are located in Canada, United States and the United Kingdom. The company’s specialty is in hospitality services, business services as well as property acquisition and development. Palm Holdings builds brand equity through franchise models, management contracts and outsourcing services with leading companies such as Marriott, Hilton and Starwood. The firm’s successful track record derives from its team's passion for consistently delivering on the promises it make to its partners. Palm Holdings thrives on new opportunities and challenges no matter how big or small; from minor renovation developments, management contracts, re-branding, or full scale development and new builds, we bring expert level management expertise to the table. Learn more at www.palm-holdings.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.