Miami Beach Holiday Inn Lands Generous Refi
- Mar 16, 2017
Miami—Meridian Capital Group has recently arranged $26 million in CMBS financing to refinance Holiday Inn Miami Beach – Oceanfront in Miami Beach, Fla. Meridian New York City-based Managing Directors Jacob Schmuckler and Steve Adler negotiated the transaction. The 10-year CMBS loan features full-term interest-only payments.
The 253-key, eight-story hotel is located at 4333 Collins Ave. The oceanfront property offers direct access to a wide stretch of beaches, as well as the Miami Beach Boardwalk, which offers a variety of restaurants, shopping and nightlife options.
The building was completely renovated in 2009 and transformed into a contemporary-style hotel. Amenities include a pool area with a Tiki bar and garden areas with hammocks. The hotel features an on-site bar and restaurant, a fitness center, conference and banquet rooms, a business center and a laundry facility.
“The Holiday Inn’s central location and various on-site and community amenities attract both tourists and business travelers,” said Schmuckler in a prepared statement. “The sponsor has owned the hotel for over 20 years, along with several nearby properties,” he added. “Their strong performance record, as well as the property’s recent renovations, demonstrated promising upside potential to the lender and Meridian was able to negotiate favorable terms.”
Image courtesy InterContinental Hotels Group