CBRE secures $8.3M loan on Daytona-area Hampton Inn

Orando-based Avista Hotels and Resorts will use the loan to refurnish the hotel

TRD MIAMI /
Mar.March 05, 2017 01:00 PM

The Hampton Inn Daytona Beach Shores

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.


Related Articles

arrow_forward_ios
From left: Eric Fixler, Joe Landsberg, Austin Levine and Andrew Hagaman

Movers & Shakers: CBRE expands debt team, Compass takes on two teams in South Florida & more

From left: Kyle Jones of Stiles Corp., Mark Corlew of Grover Corlew, Christian Lee of CBRE, Rod Loschiavo of Colliers International South Florida, and Greg Martin of Avison Young

South Florida office market has upside potential for developers, investors: panel

Foreigners emerge as the new heavyweights in China’s commercial property market

Report: Availability of U.S. warehouse space last year was the lowest since 2000

Arden Karson lists townhome at L’Hermitage

First Industrial Realty Trust pays $9M for Pompano Beach site

Co-working firms aren’t happy about CBRE launching competitor company

Metropica taps CBRE for first planned office building

arrow_forward_ios