Berkadia arranges refinance for dual-branded Florida hotel

Berkadia Hotels & Hospitality arranged the refinancing of the leasehold interest in the Hilton Garden Inn-Homewood Suites Jacksonville Downtown Southbank, a 221-key, dual-brand hotel in Jacksonville, Fla. Berkadia Hotels & Hospitality's Managing Director Michael Weinberg, Associate Director Alec Fox and Senior Director Lindsey deButts secured the financing on behalf of Excel Group, a multidisciplined hotel private equity firm. A regional bank provided the five-year loan.

“Excel has significantly improved the property’s performance through operational efficiencies since acquisition in 2021,” Weinberg said in a statement. “This new bank loan will allow them to invest additional capital into the property which will drive property performance even further.”

Built in 2009, The Hilton Garden Inn-Homewood Suites Jacksonville Downtown Southbank is an eight-story hotel. Amenities include an outdoor pool, fitness center, an on-site restaurant, room service and meeting rooms.

Situated within the Southbank submarket along the St. Johns River, the hotel is surrounded by 20.8 million square feet of office space within a three-mile radius, close to the Downtown Jacksonville’s Sports & Entertainment district and adjacent to a dense medical cluster that hosts Baptist Medical Center, Wolfson Children’s Hospital, and the MD Anderson Cancer Center and Nemours Specialty Care.