BOSTON, MA – HFF announced today that it has arranged financing for Lido Beach Resort, a 222-room beachfront hotel in Sarasota, Florida.
HFF worked exclusively on behalf of Ocean Properties, Ltd. to secure the seven-year, fixed-rate loan with Cornerstone Real Estate Advisers acting on behalf of an institutional investor. Loan proceeds were used to refinance the existing loan.
Lido Beach Resort is located at 700 Ben Franklin Drive just north of Siesta Key in Sarasota. Hotel amenities include two swimming pools, three poolside Jacuzzi’s, a beachside Tiki bar, fitness center and business center. In addition, Ocean Properties, Ltd. has planned a significant renovation of the rooms and commercial areas within the first 2.5 years of the loan term. The extensive room renovation will include replacement of the kitchen appliances and cabinets as well as new soft goods. The commercial area renovation will incorporate the lobby and pool/Tiki bar.
The HFF team representing Ocean Properties, Ltd. was led by senior managing director Dana Brome.
Ocean Properties, Ltd. & Affiliates (OPL) is one of the largest and most dynamic privately held hotel management and development companies in North America. With an award-winning portfolio of more than 118 hotels and 18,300 guestrooms, the company operates major brands such as Marriott, Hilton, Starwood and Intercontinental, as well as several independent hotels and resorts.
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., U.K. Europe and Asia, is one of the world’s largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity, and securities expertise and services to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. Visit www.cornerstoneadvisers.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.