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Peabody Orlando Gets $405M Expansion Loan

ORLANDO, FL-Capmark arranges financing on the project, which will nearly double the hotel's size.

By Carl Cronan | Updated on April 16, 2008

(Carl Cronan is editor of Real EstateFlorida.)

ORLANDO, FL-Capmark Finance Inc. has arranged $405 million of financing for a major expansion of the Peabody Orlando hotel that will nearly double its size. A syndicate of ten institutions have committed to the floating-rate loan for a four-year term with a one-year extension option.

Bruce Lowrey, senior vice president of Capmark’s Hospitality Lending Group, tells GlobeSt.com that the Peabody Orlando appears a solid bet because of the project’s principals, Belz Enterprises and Estein & Associates USA Ltd. He notes that the hotel’s expansion plans include a covered sky bridge connection to the Orange County Convention Center, one of the nation’s largest with 2.5 million sf of meeting space.

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