HFF Secures Major Refi for Tampa Beachfront Hotel
- Jul 01, 2016
Tampa—HFF recently announced that the company has secured a $41.79 million refinancing deal for Sheraton Sand Key Resort, a 390-key, full-service, resort-style, beachfront hotel located in Clearwater Beach, Fla.
HFF worked on behalf of the borrower to place the five-year, fixed-rate loan with BankUnited. The HFF debt placement team representing the borrower was led by Daniel Peek, senior managing director and head of HFF’s hotel group, and Associate Directors Scott Wadler, Preston Reid and Alexandra Lalos.
Situated on a 21.1-acre parcel at 1160 Gulf Boulevard, The Sheraton Sand Key Resort features a 360-degree water view of both the Gulf of Mexico and the Intracoastal Waterway. The hotel is adjacent to Sand Key Park, and has beachfront access to more than 500 linear feet of Clearwater Beach, which was recently named the Best Beach in the United States in 2016 by TripAdvisor.
“Lenders were attracted to the hotel’s generational ownership and management team, as well as its expansive, 10-acre beachfront on Sand Key,” said Wadler in a prepared statement.
The nine-story Sheraton Sand Key Resort features 24,000 square feet of indoor and outdoor function space. Amenities include 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 Café and Mainstay Tavern.
“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,” added Reid.
Over the past several months, HFF secured financing for several properties, including $55 million refinancing for a 202-key hotel in Denver, a $51 million refinancing for a Boston biotech company, and a $43 million refinancing for a 32-story office tower in Atlanta among others.