JLL Arranges $58.5M Refinancing of Two Beachfront Hotels in Florida Panhandle
FORT WALTON BEACH, FLA. — JLL has arranged a $58.5 million refinancing loan for two neighboring hotels totaling 330 rooms in Fort Walton Beach. Ladder Capital Finance LLC provided the 10-year, fixed-rate loan to partners Innisfree Hotels and Band of Poarch Creek Indians. Loan proceeds will be used to pay off the original construction loan and provided the borrowers with $8.4 million. The hotels are on a ground lease with the U.S. Air Force that expires in 45 years.
The portfolio comprises the 178-room Hilton Garden Inn Fort Walton Beach and the 152-room Holiday Inn Resort Fort Walton Beach, which are beachfront hotels on the Gulf Coast. The Hilton Garden Inn, located at 1297 Miracle Strip Parkway SE, was completed in 2017 and features 5,000 square feet of event space, an outdoor swimming pool, lazy river with rock waterfalls, Whirlpool spa, tiki bar, fire pits, indoor pool, fitness center, 24-hour business center and The Garden Grille & Bar restaurant.
Situated at 1299 Miracle Strip Parkway SE, Holiday Inn Resort opened in 2014 and features 2,498 square feet of event space, an outdoor pool, lazy river, Whirlpool spa, pool bar, indoor pool, fitness center, game room, sundry shop, business center and Riptides Grille & Tiki Bar restaurant. Band of Poarch Creek Indians are located in Atmore, Ala., about 57 miles east of Mobile. They are the only federally recognized Indian tribe in the State of Alabama. The tribe operates more than 10 hotels, casinos and dog tracks in Alabama, Florida, Nevada, Pennsylvania, Curacao and Aruba. Jeff Bucaro, Rebecca VanReken and Nicole Aguiar of JLL arranged the loan on behalf of the borrowers.