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.