MIAMI––Holliday Fenoglio Fowler, L.P. (HFF) announces the $18.72 million construction and redevelopment financing for a 191-room, upscale, select-service hotel that will serve as a hotel for the public as well as for the 2017 World Champion Houston Astros players, staff and family near the Astros’ Spring Training facility in West Palm Beach, Florida.
The HFF team worked on behalf of the borrower, a partnership between Crane Capital Group, Inc. and Westmont Hospitality Group, to place the three-year, fixed-rate loan with Woodforest National Bank®. Loan proceeds will be used to convert an office tower into the select-service hotel. Westmont Hospitality Group will manage the hotel, which is expected to open mid-year 2018.
The borrower acquired the vacant Forum Office tower at 1675 Palm Beach Lakes Boulevard in early 2017. The property is located at the corner of Palm Beach Lakes Boulevard and Congress Avenue half a mile east of Interstate 95 and five miles from the new $150 million, state-of-the-art, fan-friendly Houston Astros Spring Training facility, The Ballpark of the Palm Beaches, which is also the spring training facility for the Washington Nationals. Additionally, the hotel is adjacent to the Palm Beach Outlets Mall and proximate to downtown and beaches. The redeveloped 10-story hotel will feature a complete amenity package, including a restaurant, pool and gym.
The HFF debt placement team included senior director Scott Wadler and analyst Wesley Hightower.
“Jim Crane and the entire Houston Astros organization are looking forward to deepening our involvement in West Palm Beach,” said Astros SVP and general counsel Giles Kibbe. “After a successful inaugural season at The Ballpark of the Palm Beaches, we have been excited to explore new opportunities in the area. This new hotel will bring the excitement of the 2017 World Series Championship to Florida, serve as an excellent home for our players and staff during spring training, and will be enjoyed by the public throughout the year.”