MIAMI—Holliday Fenoglio Fowler, L.P. (HFF) arranged a $41.79 million refinancing for the Sheraton Sand Key Resort, a 390-room, full-service, resort-style, beachfront hotel in Clearwater Beach, FL. HFF worked on behalf of the borrower to place the five-year, fixed-rate loan with BankUnited.
The hotel is on a 21.1-acre parcel with views of the Gulf of Mexico and the Intracoastal Waterway. Located at 1160 Gulf Blvd., the nine-story resort features 24,000 sq. ft. of indoor and outdoor function space, an outdoor pool overlooking the beach, a whirlpool and fitness center, spa services, and tennis and beach volleyball courts.
Daniel C. Peek, a senior managing director and head of HFF’s hotel group, as well as associate directors Scott Wadler, Preston Reid and Alexandra Lalos, led the HFF debt placement team.
“Lenders were attracted to the hotel’s generational ownership and management team, as well as its expansive, 10-acre beachfront on Sand Key,” Wadler said.
“The beaches of Pinellas County continue to earn national and international accolades, and with its recent comprehensive renovation, the Sheraton Sand Key Resort is well-positioned to capitalize on the millions of annual visitors coming to the area,” Reid added.