The property was originally developed in 2003 as a 181-roomHilton Garden Inn. Innisfree recently completed a renovation andexpansion, which added a 92-room all-suites tower. The property wasrebranded as a full service Hilton. The financing was provided byGE Real Estate.

|

This is the third loan GE Real Estate has provided to Innisfreeover the past year. Other loans include $27 million to refinancetwo stabilized beachfront hotels in Orange Beach, AL, including the119-room Holiday Inn Express at 24700 Perdido Beach Blvd. and the137-room Hilton Garden Inn Orange Beach at 23092 Perdido BeachBlvd. GE also provided $29 million to refinance the 181-roomHampton Inn Pensacola Beach at 2 Via de Luna in PensacolaBeach.

|

"Working closely with Grandbridge Real Estate Capital andInnisfree Hotels, we were able to structure over $106 million ofon-book fixed-rate financing in 2007, enabling Innisfree tocontinue to grow their business platform for many years to come,"says GE Real Estate relationship manager Joel Traut.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 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.