COCOA BEACH, Florida—Driftwood Capital introduced the $60 million refinancing of the Hilton Cocoa Seashore Oceanfront Resort, a 295-key resort in central Florida’s Area Coast.
Managing Administrators Michael Weinberg and Scott Wadler and Affiliate Director Alec Fox of Berkadia Resorts & Hospitality secured $60 million in financing by way of a nationwide financial institution.
“We’re thrilled to announce the profitable closure of a brand new mortgage for the Hilton Cocoa Seashore Oceanfront,” mentioned Carlos Rodriguez, Sr., CEO of Driftwood Capital. “The Area Coast is experiencing outstanding development, solidifying its place as a premier multi-segment vacation spot in Florida, catering to leisure, company, and assembly vacationers. Only a 45-minute drive from Orlando, the market advantages from various demand turbines such because the Kennedy Area Middle, Port Canaveral, Patrick Area Power Base, and famend seashores. With the upcoming completion of the in depth guestroom and loo renovations, the Hilton is poised to develop into the main full-service resort within the area.”
Berkadia organized a three-year, floating-rate mortgage with two extension choices, full-term interest-only funds, and no required depository relationship.
“Upon full funding, the $60 million mortgage gives substantial worth to our buyers, offering flexibility in transitioning from a CMBS mortgage to a steadiness sheet mortgage,” added Tanya Zapata Sutcliffe, vp of acquisitions at Driftwood Capital. “We anticipate that the best-in-class renovation will empower the Hilton to seize extra market share and capitalize on the rising demand in Cocoa Seashore.”
The resort is positioned solely quarter-hour away from Patrick Area Power Base and 10 minutes away from Port Canaveral.
“New provide in Cocoa Seashore is just about non-existent, with extraordinarily strict peak and density restrictions stopping any new competitors from coming into the market,” mentioned Weinberg. “As soon as the renovation is full, the Hilton Cocoa Seashore might be positioned to be the main asset out there, permitting the sponsor to push efficiency previous historic peaks.”
Driftwood Capital’s funding methods embody hospitality acquisition, improvement, and lending. Properties in its portfolio embody the Cover Tempe and Cover West Palm Seashore; the Wylie Resort in Atlanta; the Marriott Mission Valley in San Diego; and the Margaritaville Lake of the Ozarks. It is usually creating the $402 million Westin Cocoa Seashore and the $200 million Riverside Wharf/Dream Resort in Downtown Miami, each in Florida.
