JLL's Hotels & Hospitality group arranged a new $735 million, five-year, floating-rate single asset single-borrower commercial mortgage-backed security term loan to refinance The Walt Disney World Swan, Walt Disney World Dolphin and Walt Disney World Swan Reserve (collectively, the Swan & Dolphin Resort), a 2,619-key resort situated directly adjacent to the theme parks within Walt Disney World in Lake Buena Vista, Fla.

JLL represented a joint venture between Tishman Hotel & Realty and MetLife Investment Management. Wells Fargo, Bank of America and Goldman Sachs were the lenders.

Located adjacent to Walt Disney World's Epcot and Hollywood Studios theme parks, the Swan & Dolphin Resort is the only non-Disney-owned hotel  on the grounds of Walt Disney World. Built by Tishman and MIM and opened in 1989/1990 and 2021, the Michael Graves-designed Swan & Dolphin Resort consists of three Marriott branded hotels—the 756-key Swan (Sheraton), the 1,514-key Dolphin (Westin) and the 349-key Swan Reserve (Autograph Collection). The Swan & Dolphin Resort hotel has more than 452,000 square feet of meeting and event space (including eight ballrooms and 99 meeting rooms) as well as 100,000 square feet of outdoor space. 

The Swan & Dolphin Resort's amenities include 16 restaurants and seven bars, three fitness centers, six outdoor pools and a 12,000-square-foot spa.

The JLL team was led by Hotels & Hospitality Group Americas CEO Kevin Davis, Managing Director Mark Fisher and Analyst Caleigh O'Connell.

The financing represents an endorsement of the Swan & Dolphin Resort and the Tishman/MIM stewardship of the asset.

"The Swan & Dolphin Resort SASB CMBS loan priced at the tightest pricing levels seen for hotels since 2021," Davis said in a statement. "The market pricing was an affirmation of the strong in-place cash flows, the unique competitive position for the Resort and the incredible 35-year track record that Tishman and MIM have created in Orlando."