Dealmaker: Stonehill Closes $104M Hotel Construction Loan
Direct hospitality lender Stonehill Strategic Capital, Atlanta, closed a $104 million construction loan with TPI Hospitality for a Margaritaville Resort in Fort Myers Beach, Fla.
TPI Hospitality, Wilmar, Minn., and Margaritaville Holdings, Key West, Fla. announced plans in 2018 to develop a new 254-room Margaritaville Resort at the entrance to Fort Myers Beach in the Times Square district. They plan to open the resort in early 2023.
Each guestroom will have a private balcony, most with Gulf of Mexico views. The resort will house several Jimmy Buffett-themed food and beverage concepts including a LandShark Beach Club, 100-seat beachside restaurant JWB Bar and Grill and, on the bay side of Estero Boulevard, an elevated 22,000-square-foot License to Chill Terrace with Gulf views. The resort’s main ballroom will be 5,000-square-feet clear span with glass walls that open up to the elevated terrace.
Carrying a 42-month initial term with two extension options, the Stonehill bridge loan will fund nearly 70 percent of project cost.
Stonehill also recently originated a $28 million loan to fund construction on a 167-key, all-suite Marriott SpringHill Suites hotel in Tampa.