ORLANDO—The capital markets are still placing financial bets on prime hotels. CBRE‘s Debt & Equity Finance Group just closed on two refis in Cocoa Beach, FL.
A local real estate owner refinanced the 150-room Hampton Inn by Hilton and the 155-room Courtyard by Marriott in Cocoa Beach. The financing was placed with a major life insurance company and included a 10-year fixed rate loan for $19.4 million.
“This was an exceptional opportunity to refinance well-located, high-quality assets with a recognized brand within the Florida hotel market,” says CBRE senior vice president David Borge, who worked on the deal with senior production analyst Kle Schlitt. “We sourced multiple quotes at competitive rates, which is a testament to the strength of the borrower, the hotels and the improving debt markets.”
The owner built Hampton Inn in 1999 and the Courtyard in 2001. Loan proceeds will be used to refinance an existing first mortgage for both assets.
Courtyard by Marriott and Hampton Inn by Hilton are located at 3425 and 3435 North Atlantic Avenue, Cocoa Beach, respectively, between Atlantic Avenue and the Atlantic Ocean. Both hotels offer quick access to the beach and to the Port Canaveral Cruise Port and Patrick Air Force Base.