NATIONAL REPORT—Financial transactions are happening all over Florida, from financing for the first Moxy in the state to the purchase of properties in Orlando and Jacksonville.
Lightstone Closes $73M Financing for Moxy South Beach
National real estate investor and developer Lightstone has closed on $73 million in financing from Canyon Partners Real Estate LLC and CapitalSource, a division of Pacific Western Bank, to develop the seven-story, 202-key Moxy South Beach.
The financing package consisted of a $55-million senior loan from CapitalSource and an $18-million preferred equity investment from Canyon. This investment marks Canyon’s fifth investment with CapitalSource and second with Lightstone.
The first Moxy-branded hotel in Florida, Moxy South Beach will span 78,000 gross sq. ft., and its lobby will have an outdoor courtyard that threads together a series of spaces, including a restaurant; all-day bar; Cuban-themed bodega offering beach accessories; and a co-working lounge which transitions into meeting studios. The second floor will include a 72-ft. pool, fitness center, and outdoor bar. The rooftop space offers unobstructed views of Miami Beach, a large shallow pool to cool off in, and a screening area.
Trinity Investments and Elliott Acquire Grande Lakes Orlando Resort
A newly formed joint venture among funds managed by Trinity Real Estate Investments LLC and funds managed by Elliott Management Corporation has acquired the Grande Lakes Orlando Resort. The 409-acre luxury complex includes two hotels—a 582-key Ritz-Carlton and a 998-key JW Marriott. The resort also includes a Greg Norman-designed 18-hole championship-caliber golf course.
The institutional-quality asset includes 278,000 sq. ft. of indoor and outdoor meeting space, 15 food and beverage outlets, a spa occupying 40,000 sq. ft. with 40 treatment rooms, multiple swimming pools and myriad sporting facilities.
Since 2015, both properties have benefited from multimillion-dollar renovation projects. Trinity and Elliott plan to implement a multiyear capital improvement plan to further enhance the resort’s offerings. In addition to guestroom renovations, planned capital improvements include upgrades to the resort’s ballroom, meeting spaces, water features and food offerings.
Apple Hospitality REIT Acquires Hyatt Place Jacksonville Airport
Apple Hospitality REIT Inc. has acquired the 127-room Hyatt Place Jacksonville Airport for a purchase price of approximately $15.4 million, or $121,000 per key.
The hotel, Apple’s first in the Hyatt family, was acquired from a subsidiary of BPR Properties. Following this acquisition, the Apple Hospitality portfolio includes 241 hotels with more than 30,800 guestrooms geographically diversified throughout 34 states.