HFF Secures $85M for Cheeca Lodge & Spa
Monday May 6th, 2013 - 9:28AM FS
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ISLAMORADA, FL—HFF arranged $85 million in financing for the Cheeca Lodge & Spa, a landmark AAA Four Diamond-rated destination resort in the Florida Keys.
HFF worked on behalf of NWCL LLC, an affiliate of Northwood Investors, to secure the 10-year, fixed-rate CMBS loan. The borrower acquired the property in 2011 in a transaction arranged by HFF’s hotel group.
Cheeca Lodge is situated on 27 acres with more than 1,200 linear feet of beachfront. Originally developed in 1946, the property was extensively renovated between 2003 and 2010, and the main lodge building was completely rebuilt in 2009.
The luxury resort includes 214 units, a mix of hotel rooms and third-party owned condominiums, 5,439 sq. ft. of function space, three restaurants, a Jack Nicklaus-designed nine-hole golf course, two swimming pools, a 5,500-sq.-ft. spa, six tennis courts and a fishing/mooring pier.
The property also maintains the rights to develop 28 new units through an approved site plan.
The HFF team representing the borrower was led by Senior Managing Director Dan Peek, Director Chris Drew, Associate Director Max Comess and Senior Real Estate Analysts Cyrus Vazifdar and Scott Wadler.
Tags: • Hospitality • Brokers • Sources of Funding •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.