ATLANTA—Ocean Plaza Beach Resort, a 204-room historic hotel in Tybee Island, GA, has secured a $13.545 million acquisition loan. HFF helped Lincrhis Hotel arrange the financing.
HFF senior managing director Mark Sixour and managing director Greg LaBine led the team that arranged the floating-rate loan with M&T Bank. Linchris plans to spend about $1.5 million in the first year for property upgrades.
”This acquisition represents Linchris' second foray into the Southeastern US hotel market, with their recent acquisition of the Holiday Inn Daytona Beach being their first, ”LaBine tells GlobeSt.com. Linchris controls 31 hotels with more than 3,600 rooms.
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