CSC Brazilian LP is the buyer. The seller is Brazilian Court Inc. Tremont refused to disclose the sale price.
CSC Brazilian LP plans to turn the 103-room resort hotel into hotel condominiums. Condo owners would have the option of staying at the resort or contributing their condo into a hotel pool, which the hotel operator will rent out, David Ross, Tremont senior director who arranged the financing, tells GlobeSt.com.
Ross would not disclose the lender's name or the exact interest rate, but says the interest rate was higher than typical. Ross says the deal was a high-leverage acquisition loan, which was 75% of the appraised value and more than 80% of the sale price.
The projected 2002 average occupancy rate for Brazilian Court is 65%.The Brazilian Court hotel, at 301 Australian Ave., opened Jan. 1, 1926. It has undergone more than $10 million in renovations, including a new restaurant, in recent years. Its guest list has included the late actors Gary Cooper, Cary Grant and former President Richard Nixon.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
