HFF arranges $41.79 Million Refinancing for Sheraton Sand Key Resort in Clearwater Beach, Florida
MIAMI, FL. June 23, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $41.79 million refinancing for the Sheraton Sand Key Resort, a 390-room, full-service, resort-style, beachfront hotel in Clearwater Beach, Florida.
HFF worked on behalf of the borrower to place the five-year, fixed-rate loan with BankUnited.
The Sheraton Sand Key Resort is situated on a 21.1-acre parcel with 360-degree water views of both the Gulf of Mexico and the Intracoastal Waterway. Located at 1160 Gulf Boulevard, the hotel has beachfront access to more than 500 linear feet of Clearwater Beach, recently voted the Best Beach in the United States in 2016 by TripAdvisor, and is adjacent to Sand Key Park. The nine-story Sheraton Sand Key Resort features 24,000 square feet of indoor and outdoor function space, an outdoor pool overlooking the beach, fitness center, spa services, tennis and beach volleyball courts, whirlpool, apparel and gift shop and five food and beverage options, including Rusty's Bistro, Island Grille, Poolside Cafe and Mainstay Tavern.
The HFF debt placement team representing the borrower was led by senior managing director and head of HFF's hotel group Daniel C. Peek and associate directors Scott Wadler, Preston Reid and Alexandra Lalos.
“Lenders were attracted to the hotel's generational ownership and management team, as well as its expansive, 10-acre beachfront on Sand Key,” Wadler said.
“The beaches of Pinellas County continue to earn national and international accolades, and, with its recent comprehensive renovation, the Sheraton Sand Key Resort is well positioned to capitalize on the millions of annual visitors coming to the area,” Reid added.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
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