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South Florida

Florida hotel market active on west coast, too

Lenders are well aware that hotel investment is hot in Southeast Florida, but they are warming up to hotel markets on the west coast in the Sunshine State, too.

For example, Palm Holdings got a seven-year loan with floating rates from BankUnited to refinance old debt and to buy Florida hotels. The loan to Palm Holdings refinanced the firm’s Holiday Inn Express & Suites – 5th Avenue in Naples.

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”Performance for most hotel markets in Florida is at or above peak levels, with strong fundamentals for future growth,” said Michael Weinberg, a director of HFF, which helped Palm Holdings get the BankUnited loan.

The hotel group at HFF has helped to close the sale of several hotels on the Gulf Coast of Florida including the $185 million sale of LaPlaya Beach Resort in May. HFF also facilitated sales of the Waldorf Astoria Naples and the Hilton Clearwater Beach Resort. [Globe St.com] – Mike Seemuth

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