WASHINGTON, D.C. – September 9, 2019 – Berkadia’s Hotels & Hospitality team has announced $32.65 million in combined financing for two beachfront hotel properties in Clearwater, Florida: the Hampton Inn & Suites Clearwater Beach and the Quality Hotel Clearwater Beach. Director Matt Raptosh of Berkadia’s Hotels & Hospitality team arranged the financings on behalf of Florida-based Page Companies. The deal closed on August 13.
“This was a fun one with a lot of moving parts. Our goal was to help our client unencumber and divide their original parcel in order to establish two independent properties—one for the parcel’s original hotel, the Quality Hotel, and one for their newly constructed Hampton Inn, which was recently built on the parcel’s pre-existing parking lot,” said Raptosh. “It was a complex transaction and our job was to figure out how to make it all work. Ultimately, we created an executable strategy to recapitalize the Hampton Inn’s construction debt and provide the required resources to renovate and rebrand the Quality Hotel.”
The Hampton received $19.9 million in a 10-year, fixed-rate permanent financing from Citigroup. The Quality Hotel received a 3 year, full-term, interest-only, floating-rate bridge loan from Benefit Street Partners.
“It was truly a team effort. We worked hand-in-hand with both lenders, coordinated closings for both loans on the same day and delivered the long-term value our client was looking for,” continued Raptosh.
The 91-room Hampton Inn was constructed in 2016 and features sleek design and a wide array of amenities. The 93-room Quality Inn will be renovated and rebranded to Choice’s ‘Ascend Collection.’ Both properties overlook Clearwater Beach on the Gulf of Mexico and are located near Clearwater Marine Aquarium and within 8 miles of Highway 19.