HFF secures financing for Tybee Island resort acquisition

HFF secured $13.545 million in acquisition financing for the Ocean Plaza Beach Resort, a 204-room independent hotel in Tybee Island, Ga. 

Working on behalf of Linchris Hotel Corporation, HFF secured the floating-rate loan with M&T Bank. The borrower plans to spend approximately $1.5 million in the first year for property upgrades.

Originally built in 1909, Ocean Plaza Beach Resort overlooks the Atlantic Ocean from its beach-front location on the south end of Tybee Island approximately 20 miles east of historic downtown Savannah, Ga. Tybee Island is the closest beach destination to Atlanta, Augusta, Macon, Chattanooga and more. This six-building, 223,986-square-foot resort hotel sits on 5.12 acres and has a restaurant, lounge, meeting and banquet space, business center, two outdoor pools and a video game arcade. 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The HFF team representing the borrower was led by senior managing director Mark Sixour and managing director Greg LaBine.

Suggested Articles

This week has been about the economy and budget sector, the planet and whether the Reuben Brothers go clubbing a lot.

The budget hotel sector has seen its focus expand to look not only at price, but at design and concept, as guests have become more demanding.

Huazhu continued its shift up the chain scales, with midscale and upscale hotels accounting for 63% of its pipeline.