Encore Capital Management Receives $98.4M Loan for Refinancing, Expansion of Margaritaville Resort Orlando
KISSIMMEE, FLA. — Encore Capital Management has received a $98.4 million loan for the refinancing and expansion of Margaritaville Resort Orlando. Concord Summit Capital LLC arranged the loan with Starwood Property Trust. The loan refinances the existing construction senior and mezzanine debt and provides additional capital for the resort expansion.
Encore plans to build 75 additional hotel rooms on the east wing of the resort, which is located in Kissimmee, just south of Orlando. Construction is expected to begin later this year, but a timeline for completion was not disclosed. The resort, which opened in January 2019, offers rooms, suites and cottage rentals.
Resort guests can dine at Euphoria Fish House, an upscale seafood restaurant; Salty Rim Bar & Grill, a poolside grill; or On Vacation, a cocktail and comedian lounge. The property also offers space for hosting meetings, conferences and weddings.
Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit arranged the loan on behalf of Encore. The team began marketing the opportunity to potential lenders in spring 2021. Concord Summit also arranged the original construction financing for Margaritaville Resort Orlando in 2017.
“The owners have planned the resort’s expansion carefully and enhanced the brand significantly,” says O’Grady. “Starwood, as a hospitality focused company, recognized the value of this asset.”
Miami-based intermediary Concord Summit has arranged more than $23 billion of debt, structured financing and equity. Encore is a real estate investment and development firm based in Boca Raton.
— Kristin Hiller