JLL arranged the refinancing for four newly developed hotels in Florida
JLL announced yesterday that it arranged a $145 million loan to refinance a 997-key portfolio of four newly developed, Marriott- and Hilton-branded select-service hotels located at Flamingo Crossings Town Center, located at the western gateway to Walt Disney World Resort in Orlando, Florida.
JLL represented the borrower, Doradus Partners, and its affiliated management company Yedla Hotels, to secure the $145 million floating rate loan through Aareal Capital Corporation.
The four-property portfolio is comprised of the following hotels in Winter Garden, Florida:
- The 223-key Residence Inn by Marriott located at 2111 Flagler Ave.
- The 273-key Fairfield Inn & Suites by Marriott located at 631 Flagler Ave.
- The 272-key Home2 Suites by Hilton located at 341 Flagler Ave.
- The 229-key Homewood Suites by Hilton located at 411 Flagler Ave.
The four Marriott- and Hilton-branded hotels were recently opened between January 2021 and January 2022 and boast an exceptional location immediately outside the western gate to the Walt Disney World Resort, providing guests with convenient access to the theme park. The hotels sit adjacent to one another in the newly developed Flamingo Crossings Town Center, a mixed-use commercial district master planned by Walt Disney World.
This premier location provides the hotels with compelling competitive advantages, relative to other hotels in the Orlando lodging market. Orlando has historically had one of the most robust tourism markets in the United States boasting a tourism economy that would bring in $75 billion on average every year.
The JLL team was led by Senior Managing Director Gregg Shapiro and Senior Vice President Barnett Wu.