PCCP, LLC PROVIDES $35.5 MILLION SENIOR LOAN TO ARDEN GROUP TO ACQUIRE THE LEASEHOLD INTEREST OF A FULL-SERVICE HOTEL IN GAINSVILLE, FLORIDA
New York, NY, February 17, 2016 – PCCP, LLC announced today it has provided a $35.47 million senior loan to Arden Group for the acquisition of the leasehold interest in the Hilton University of Florida Conference Center, a 248‐key full‐service hotel located in Gainesville, Florida. The seller is Xenia Hotels & Resorts.
“This is an opportunity for PCCP to lend to Arden Group, an experienced hotel investor and a repeat borrower of PCCP,” said John Randall, managing director with PCCP. “This asset is unique because it is the only full-service hotel adjacent to the University of Florida. It also offers the most meeting space in the immediate area.”
Randall noted that Arden Group plans on making updates to the property including upgrades to guestroom floors, common areas, dining areas, and the meeting space. Additionally, the firm intends to improve hotel management and re‐introduce the property to the local community.
Located at 1714 SW 34th Street, the seven‐story hotel is situated on 12 acres just off Interstate 75 and originally opened as a Doubletree by Hilton in 2000 before converting to Hilton in 2002. The Hotel includes two restaurant/bar venues, an outdoor pool, fitness center and 25,000 square feet of meeting space.
Gainesville, Florida is the largest city in North Central Florida and the home to the University of Florida. The Gainesville market is centered around the university and its 50,000 students and 41,000 employees. The government, education and healthcare sectors employ half of the region’s population, and a number of start‐ups are migrating to the area, attracted by the lower costs of doing business and access to a talented workforce. All of these factors have created positive momentum for the property and other competitive hotels in the area.
PCCP has provided four loans for Arden Group over the past four years. In February 2015 PCCP provided a $30.6 million senior loan to Arden Group for the acquisition and renovation of the InterContinental Tampa, a 323-key full-service hotel located in the Westshore submarket of Tampa, FL.