A new $735m five-year, floating-rate CMBS (commercial mortgage-backed securities) term loan has been agreed to refinance the Walt Disney World Swan, the Walt Disney World Dolphin and the Walt Disney World Swan Reserve (Swan & Dolphin Resort).

Real estate company JLL’s Hotels and Hospitality Group represented the joint venture between Tishman Hotel & Realty and MetLife Investment Management (MIM). The lenders were Wells Fargo, Bank of America and Goldman Sachs.

Located adjacent to Walt Disney World’s Epcot and Hollywood Studios theme parks, the Swan & Dolphin Resort is the only non-Disney-owned hotel on the grounds of Walt Disney World in Florida.

Built by Tishman and MIM and opened in 1990 and 2021, the resort consists of three Marriott branded hotels – the 756-key Swan (Sheraton), the 1,514-key Dolphin (Westin) and the 349-key Swan Reserve (Autograph Collection).

The Swan & Dolphin Resort hotel offers more than 452,000ft² of meeting and event space including eight ballrooms and 99 meeting rooms, and 100,000ft² of outdoor space. Amenities include 16 restaurants, seven bars, three fitness centres, six outdoor pools and a 12,000ft² spa.

JLL Hotels & Hospitality Group Americas CEO Kevin Davis stated: “The loan was priced at the tightest pricing levels seen for hotels since 2021. The market pricing was an affirmation of the strong in-place cash flows, the unique competitive position for the Resort and the incredible 35-year track record that Tishman and MIM have created in Orlando.”

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