MIAMI—Carlyle Group just secured a $25.9 million loan for its Islamorada Resort in the Florida Keys. The Bank of the Ozarks made the loan on the boutique ocean front hotel. Loan proceeds will be used to upgrade the resort.
The HFF capital markets team representing the borrower was led by directors Max Comess and Chris Drew. Analysts Maxx Carney and Alexandra Lalos of HFF’s Miami office also worked on the deal.
“This financing provides further evidence of the unprecedented liquidity across the capital stack for hotels that exists in the market today,” Drew tells GlobeSt.com. “There has never been a better environment for strong borrowers to consume capital.”
The resort is located at 80001 Overseas Highway in the Village of Islamorada. That’s about 80 miles from both Key West and Miami.
“The Florida Keys represent one of the country’s strongest hotel markets, making it extremely attractive to both investors and lenders in the hospitality space,” Comess tells GlobeSt.com. The five-story hotel offers 79 guest rooms and suites, Oceans 80 restaurant and tiki bar, a resort-style pool, private beach, and marina.
Carlyle is working spearheading the renovation and repositioning of the property. The firm will work with boutique hotel operator Trust Hospitality, and renowned hospitality architect Malcolm Berg to complete the project.