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AMELIA ISLAND, FLA. — Cronheim Hotel Capital has arranged two loans totaling $50.4 million for two hotels on Amelia Island, an island off the coast of northeast Florida. The deals include a $29.9 million loan for the refinancing and conversion of Ocean Coast Hotel to a Holiday Inn Resort and a $20.5 million loan for the refinancing of Amelia Hotel, an independent beachfront hotel.
Cronheim Hotel Capital originated both loans with a regional bank and each include USDA and PACE components. The co-sponsors are Innisfree Hotels and RREAF Holdings.