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