MIAMI—Beyond Southeast Florida, cities on the other coast are also winning lender confidence. The Holiday Inn Express & Suites – 5th Avenue in Naples just secured first mortgage financing.
HFF worked on behalf of the borrower, Palm Holdings, to place the seven-year, floating-rate loan with BankUnited. Loan proceeds will be used to refinance existing debt and acquire additional hotels in Florida.
“We are seeing strong demand for hospitality from lenders,” Michael Weinberg, HFF director who worked on the transaction with associate director Scott Wadler and real estate analyst Anthony Frogameni, tells GlobeSt.com. “Performance for most hotel markets in Florida are at or above peak levels with strong fundamentals for future growth. “
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