Mission Capital Advisors announced that its Debt & Equity Finance team arranged a $42 million, non-recourse ramp loan for the Sheraton Bay Point Resort, a 320-key Starwood-franchised hotel located at 4114 Jan Cooley Drive in Panama City Beach, Florida.
The Mission Capital team of Jonathan More, Ari Hirt, Steven Buchwald, and Justin Hunt represented an affiliate of Torchlight Investors in securing the non-recourse loan from Walker & Dunlop Commercial Property Funding.
After acquiring the property in June of 2016, the sponsor commenced a comprehensive capital improvements campaign to unlock the asset’s latent value.
The multi-million-dollar campaign included major enhancements to guestrooms, the resort’s lobby, banquet facilities, building exteriors and 120 on-site golf villas.
Following the large-scale renovations, the property is now one of most luxurious golf resorts in the Southeast region, with amenities including a Jack Nicklaus-designed, 18-hole golf course; three outdoor pools; four restaurants; a 12,000-square-foot spa; five clay tennis courts; and a private beach with wait staff. The hotel is currently ramping up occupancy and RevPAR, buoyed by the targeted corporate marketing efforts of Crescent Hotels & Resorts, one of the country’s leading hospitality operators.
The resort generates a significant amount of golf play, and benefits from the brand-new banquet facilities that have also made the Sheraton Bay Point Resort a popular wedding destination.
Sheraton Bay Point Resort is located along the historic Saint Andrews Bay of Panama City Beach on Florida’s Emerald Coast, one of the nation’s marquee vacation destinations.