CBRE Group Inc. arranged an $8.3 million loan on a Hampton Inn hotel in Daytona Beach Shores.
The borrower, Orando-based Avista Hotels and Resorts, will use the 10-year, floating-rate loan to pay refurnish the Hampton Inn Daytona Beach Shores. Avista will install new furniture, fixtures and equipment in every room, including new beds, lamps, and chairs.
Zac Brumbaugh, vice president with CBRE’s debt and structured finance practice in Orlando, placed the $8.3 million loan with a Midwestern bank.
Avista already had renovated the interior and exterior of the Hampton Inn prior to closing the $8.3 million loan.
“The hotel’s performance had leveled off prior to the building’s exterior and interior renovations in 2015. We were able to leverage the rapidly increased performance, post renovation, to place a uniquely aggressive piece of financing with one of our nationwide network of bank lenders,” Brumbaugh said in a prepared statement.
Over its 35-year history, Avista has owned, managed, and developed more than 54 hotels and resorts with about 6,135 guest rooms and suites, including partnerships with such flags as Marriott, Hilton, Hyatt, and IHG.