Margaritaville Hollywood Beach scores $38M loan

KSL Capital Partners bought the property for $190M last year

TRD MIAMI /
May.May 15, 2019 12:30 PM
Margaritaville Hollywood Beach Resort and KSL’s Michael Shannon

Margaritaville Hollywood Beach Resort and KSL’s Michael Shannon

The owner of the popular Jimmy Buffett-themed Margaritaville Hollywood Beach Resort scored a $38 million loan from JPMorgan Chase Bank and Deutsche Bank.

Denver-based KSL Capital Partners’ new financing will be added to its $123.5 million loan it secured from Bank of America last April when it acquired the property. That brings its total debt up to $161.5 million, property records show.

KSL Capital Partners paid $190 million – a price that includes furniture, fixtures and equipment – for the resort at 1111 North Ocean Drive. A joint venture between developer Lon Tabatchnick and Starwood Capital Group sold the property.

Tabatchnick completed the $175 million development on 5 city-owned acres at Johnson Street and A1A in 2015. The 349-room, 17-story resort includes eight restaurants and bars, an 11,000-square-foot spa, oceanside pools, a wave ride and 30,000 square feet of convention facilities, according to a fact sheet.

Denver-based KSL invests in hotels and resorts, clubs, fitness, family entertainment, skiing and resort real estate. The private equity firm sold the Royal Palm Hotel in 2015 to Chesapeake Lodging Trust for $278 million.


Related Articles

arrow_forward_ios
Dave Folsom, president & CEO of Sotherly Hotels, and the DoubleTree Resort by Hilton Hollywood Beach at 4000 South Ocean Drive (Credit: Google Maps)

Hollywood DoubleTree’s $59M CMBS loan enters special servicing

Hollywood DoubleTree’s $59M CMBS loan enters special servicing
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center
Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M
Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project
Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...