Flamingo Crossings Town Center
ORLANDO—Dallas-based Hall Structured Finance (HSF) has closed a new first lien construction loan totaling $140 million to finance the construction of four new hotels containing 997 rooms at Flamingo Crossings Town Center, located at the western entrance of Walt Disney World Resort.
The four hotels will include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn by Marriott, a 229-room Homewood Suites by Hilton, and a 272-room Home 2 Suites by Hilton. All four hotels are being developed simultaneously by real estate developer Doradus Partners within its hospitality fund and are expected to be completed in fourth quarter 2020.
This was a complex deal with multiple brands and requirements so identifying a lender that could understand its unique elements and accommodate the right structure for ownership took knowledge of active hotel lenders, their constraints and capacity for such a deal, said Adrienne Kautzman, director with Berkadia's Hotels & Hospitality team. "The properties were already under construction when this loan was originated. The lender was able to see the long-term value of the projects and recognized Doradus' experience in the hospitality sector. They were able to provide competitive, non-recourse financing, which was a critical part of the solution."
"The mix of extended-stay hotels that are included in the Flamingo Crossings development will be a great addition to the surrounding area, just minutes away from Disney's theme parks and other local entertainment destinations," Brad Ferguson, VP at HSF, tells GlobeSt.com. "Orlando is a thriving tourism market, and families are often looking for lodging that incorporates kitchens, sitting areas and other amenities, which these hotels will provide. We look forward to seeing them completed later this year."
Located at the western entrance of Walt Disney World Resort, the hotels will be located in the Flamingo Crossings Town Center, a new master-planned development that includes hotels, retail, dining and housing for students participating in Disney Internships and College Programs. At the heart of the mixed-use project will be an approximately 200,000-square-foot retail hub.
The new hotels will share a five-story parking garage, surface parking and a sports court. Visitors to the theme parks can seamlessly organize their Disney experience at a nearby Disney Planning Center located at select hotels in Flamingo Crossings Town Center. The four hotels will also be bookable as part of Walt Disney Travel Company packages.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
