Transactions Heat Up Hospitality

NATIONAL REPORT—Sonnenblick-Eichner, Spirides Hospitality and Mumford Company have recently completed hotel deals:

Sonnenblick-Eichner Arranges Financing for Florida Keys Resort
Sonnenblick-Eichner Company has arranged $30.5 million of interim first mortgage financing for Little Palm Island Resort & Spa, a 30-suite, full-service, luxury resort located in Little Torch Key, FL. The loan refinanced a recently matured fixed-rate loan and closed within 30 days of application. Mast Capital and RWN Management provided the financing. The Resort is located on an exclusive 4.12-acre private island in the Florida Keys.

Spirides Hospitality Provides Construction Loan for Hotel in Lake Buena Vista, FL
Spirides Hospitality Finance Company has successfully provided and the borrower has officially closed a $13.5 million construction and permanent mortgage loan made by a Southeast U.S. headquartered bank to finance the development of a new Comfort Suites in Lake Buena Vista, FL. The terms of the financing provided by Spirides Hospitality Finance Company for the development include a 25-year term and amortization, fixed interest rate, a 72% loan-to-cost ratio, interest only monthly mortgage payments for the first 18 months of the loan through the construction period, and an interest rate of 4.25%. This new 127-suite, five-story Comfort Suites is off of Interstate 4, close to Walt Disney World’s Disney Springs shopping, dining and entertainment complex near the City of Orlando.

Mumford Company Closes on Three Deals in December
David Mumford, senior principal in Mumford Company’s Newport News office, and Burton Brooks, principal in the Atlanta office, represented Ann-Berkley Inc., an affiliate of the James family, in the sale of the 353-unit, full-service Radisson Hotel Louisville North in Clarksville, IN. The purchaser, a Georgia- based firm with interests across all segments of the travel and hospitality industry, to plan cosmetic renovations to the facility and will be rebranding the asset at a later date.

David Mumford, Justin Pinkard, Ed James and Steve Kirby represented an institutional seller in the sale of the former Days Inn and Conference Center in Oil City, PA. The Virginia-based purchaser is a multi-property real estate owner and operator, and this transaction was their third with Mumford Company.

Ryan Patterson, VP in Mumford Company’s Dallas office represented the seller in closing the transaction on the Super 7 in Pecos, TX. Mumford Company presented the seller, a lender that foreclosed on the former Motel 6 in April 2020, with more than 11 offers and three went to “Best & Final.” The winning purchaser, based in New Mexico, put down a substantial, non-refundable earnest money and closed on the property in less than 60 days.

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