 |
| Courtyard Orlando South |
NEW YORK—Meridian Capital Group, a debt broker, arranged $27 million in financing for the Residence Inn Secaucus Meadowlands in Secaucus, NJ and $14.5 million in financing for the Courtyard Orlando South hotel in Orlando, FL, on behalf of Concord Hospitality. The five-year, LIBOR-based, floating-rate, non-recourse loans, provided by a balance sheet lender, were negotiated by Meridian hospitality finance specialist, Beau Williams, in New York.
The Residence Inn Secaucus Meadowlands is a new-build, 154-room hotel located at 800 Plaza Dr., off U.S. Route 3 and the New Jersey Turnpike. The hotel is in close proximity to several large demand generators, such as MetLife Stadium and Newark Liberty International Airport. Amenities include studio, one- and two-bedroom suites with separate living rooms and bedrooms, fully equipped kitchens, free internet access and a fitness center. The hotel also offers two event spaces, totaling 828 sq. ft.
The Courtyard Orlando South, located at 4120 West Taft Vineland Rd. in Orlando, FL, is in close proximity to Disney’s Magic Kingdom, Epcot Center, Universal Studios, SeaWorld and the Central Florida Zoo. The sponsor incorporated LEED principles into the design and development of the hotel, and achieved Silver LEED certification at certificate of occupancy, according to the company. The Bistro provides breakfast and dinner, as well as Starbucks beverages and evening cocktails. Other amenities include an outdoor pool, a fitness center, a 24-hour business and meeting center, as well as The Market, an on-site convenience store.
“Concord sought to refinance the two recently constructed hotels,” said Williams. “The challenge was that both hotels were built on ground leases and the financing needed to be non-recourse. Additionally, the current market for financing hospitality assets is tighter than it has been for the past several years. Concord’s outstanding reputation and experience in operations, along with the strong performance by both hotels, made it possible for Meridian to tailor a non-recourse structure with very favorable economics.”
