Berkadia’s Hotels & Hospitality team has announced $140 million in combined financing for four hotel properties that are part of Flamingo Crossings Town Center at the western entrance of the Walt Disney World Resort.
The properties include a Residence Inn by Marriott, Fairfield Inn & Suites by Marriott, Home2 Suites by Hilton and Homewood Suites by Hilton.
Senior director Justin Ownby of Berkadia’s Tampa office together with directors Adrienne Kautzman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality team arranged the financing on behalf of Doradus Partners.
The four-year, adjustable-rate, non-recourse construction loan was secured through a direct private lender. “This was a complex deal with multiple brands and requirements so identifying a lender that could understand its unique elements and accommodate the right structure for ownership took knowledge of active hotel lenders, their constraints and capacity for such a deal,” said Kautzman.
“The lender was able to see the long-term value of the projects and recognized Doradus’ experience in the hospitality sector. ”
The four extended stay hotel properties, which will be managed by Yedla Management Company, Inc., are slated for completion in the fall of 2020.
They will offer a total of 997 guest rooms and suites parking, pools and a sports facility that includes a soccer field, basketball court and batting cages. “These properties represent strong brands in an exceptional location and will offer travelers mid- and upper-tier extended stay options in a setting that is anticipated to also have multiple entertainment, retail and dining options of its own,” said Ownby.
“Walt Disney World attracts millions of visitors every year, and, with constantly evolving attractions, entertainment and experiences, this demand will only continue. ”
Flamingo Crossings Town Center is a new master-planned development that includes retail, dining and hotels that will cater to resort guests, area vacation-home owners, and Horizon West residents.
A 200,000 s/f retail hub will feature over 50 new offerings.