CBRE Group arranges loan for Hampton Inn Daytona Beach Shores

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.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

“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.

Suggested Articles

New research suggests 64 percent of hospitality professionals believe the risk of a data breach increases when employees work off site.

Three hotels that previously were branded under the Cotelier Hotels brand will be converted to the Life House brand. 

After two weeks of occupancy surpassing the halfway point, the numbers dropped for the week of Oct. 18–24.