Holliday Fenoglio Fowler (HFF) has secured $12.6m in non-recourse financing for the acquiring and repositioning of a 123-room Days Inn Hotel located in Pensacola Beach, Florida.
HFF is reported to have worked on behalf of the borrower, a joint venture between RREAF Holdings and Innisfree Hotels, for placing a non-recourse floating-rate loan with Benefit Street Partners Realty Trust.
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RREAF Holdings is a US-based real estate company, which primarily focuses on the acquisition, development, ownership, repositioning and financing of real estate projects across the country.
On the other hand, Innisfree Hotels is into the hospitality business since 1985, which has been delivering service to the hotel guests. It develops, owns and/or operates destination resort hotels, primarily along the Gulf Coast of Florida and Alabama, and has grown to over 20 hotels with 3,500 rooms.
It will be managing the beachside hotel property.
Upon completion of the renovation works, Days Inn hotel will feature two outdoor, resort-style pools, a Tiki bar, upgraded landscaping, additional guest rooms, fitness centre, business centre, beach access and sundeck.
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By GlobalDataThe hotel is located on white sand beaches offering a view of the Gulf of Mexico.
It is centrally located within close proximity to numerous restaurants as well as major tourist attractions, including deep-sea charters, recreational water sports, Naval Air Station Pensacola and the Zoo at Gulf Breeze.
