ORLANDO—Concord Summit Capital LLC has arranged a $98.39 million refinancing for Margaritaville Resort Orlando. Starwood Property Trust provided the loan, which refinances the existing construction senior and mezzanine debt and provides additional capital for an expansion of the resort, to Margaritaville's developer and owner Encore Capital Management.
Encore, a longtime client of Concord Summit, plans to build 75 additional hotel rooms on the east wing of the resort.
Concord Summit's Managing Director Kevin O'Grady, Director Justin Neelis and Senior Analyst Daniel Rojo sourced the financing on Encore's behalf.
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"Margaritaville was a success story from its opening and became even stronger after the reopening of Orlando in 2020," O'Grady said in a prepared statement. "The owners have planned the resort's expansion carefully and enhanced the brand significantly. Starwood, as a hospitality focused company, recognized the value of this asset and was a pleasure to work with."
Located in Kissimmee, Margaritaville opened in January 2019. The resort, along with Encore Resort at Reunion, was recognized by Tripadvisor as 2020 winners of the Travelers' Choice Award. The award is based on a full year of Tripadvisor reviews, and winners must rank in the top 10% of hospitality businesses from around the world, according to a release.
Concord Summit's principals also arranged the original construction financing for Margaritaville in 2017. For the refinancing, the firm began marketing the opportunity to potential lenders in spring 2021 – as the hospitality industry started rebounding from the pandemic's impact. The Concord Summit's team generated significant interest from lenders, a testament to the hospitality sector's resilience and appeal of top-tier properties like Margaritaville to Concord Summit's lenders.
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