COCOA BEACH, Florida—Driftwood Capital introduced the $60 million refinancing of the Hilton Cocoa Seaside Oceanfront Resort, a 295-key resort in central Florida’s House Coast.
Managing Administrators Michael Weinberg and Scott Wadler and Affiliate Director Alec Fox of Berkadia Lodges & Hospitality secured $60 million in financing by way of a nationwide financial institution.
“We’re thrilled to announce the profitable closure of a brand new mortgage for the Hilton Cocoa Seaside Oceanfront,” mentioned Carlos Rodriguez, Sr., CEO of Driftwood Capital. “The House Coast is experiencing outstanding development, solidifying its place as a premier multi-segment vacation spot in Florida, catering to leisure, company, and assembly vacationers. Only a 45-minute drive from Orlando, the market advantages from numerous demand mills such because the Kennedy House Middle, Port Canaveral, Patrick House Pressure Base, and famend seashores. With the upcoming completion of the intensive guestroom and loo renovations, the Hilton is poised to change into the main full-service resort within the area.”
Berkadia organized a three-year, floating-rate mortgage with two extension choices, full-term interest-only funds, and no required depository relationship.
“Upon full funding, the $60 million mortgage provides substantial worth to our traders, offering flexibility in transitioning from a CMBS mortgage to a stability sheet mortgage,” added Tanya Zapata Sutcliffe, vp of acquisitions at Driftwood Capital. “We anticipate that the best-in-class renovation will empower the Hilton to seize extra market share and capitalize on the rising demand in Cocoa Seaside.”
The resort is positioned solely quarter-hour away from Patrick House Pressure Base and 10 minutes away from Port Canaveral.
“New provide in Cocoa Seaside is just about non-existent, with extraordinarily strict peak and density restrictions stopping any new competitors from getting into the market,” mentioned Weinberg. “As soon as the renovation is full, the Hilton Cocoa Seaside shall be positioned to be the main asset out there, permitting the sponsor to push efficiency previous historic peaks.”
Driftwood Capital’s funding methods embody hospitality acquisition, growth, and lending. Properties in its portfolio embody the Cover Tempe and Cover West Palm Seaside; the Wylie Resort in Atlanta; the Marriott Mission Valley in San Diego; and the Margaritaville Lake of the Ozarks. Additionally it is growing the $402 million Westin Cocoa Seaside and the $200 million Riverside Wharf/Dream Resort in Downtown Miami, each in Florida.
