CBRE Group arranged an $8.3-million loan for a Hilton property in Daytona Beach, Fla.
The Hampton Inn Daytona Beach Shores is being updated by Orlando-based Avista Hotels and Resorts, which is using the 10-year, floating-rate loan on refurnishing the Hampton property. The update will include new furniture installations, new fixtures and equipment in every room including new beds, lamps and chairs.
Zac Brumbaugh, VP with CBRE's debt and structured finance practice in Orlando, placed the $8.3-million loan with an unnamed Midwestern bank. Avista had renovated the interior of the property prior to closing the loan.
“The hotel’s performance had leveled off prior to the building’s exterior and interior renovations in 2015. We were able to leverage the rapidly increased performance, post renovation, to place a uniquely aggressive piece of financing with one of our nationwide network of bank lenders,” Brumbaugh said in a statement.
The property's amenities include a business center, meeting rooms, guest laundry facilities, a fitness center, pool and hot tub and access to the local beach.
Avista has been in the hospitality industry for over 35 years, and has owned, managed and developed more than 54 hotels and resorts with roughly 6,135 guestrooms and suites.