$110M refinancing secured for two beachfront hotels in Pensacola Beach, FL
JLL’s Hotels & Hospitality Group announced today that it has arranged a $110 million refinancing for two adjacent beachfront hotels totaling 481 keys in Pensacola Beach, Florida.
JLL represented the borrower, Innisfree Hotels, in securing the five-year, fixed-rate loan with flexible repayment options through a regional bank. The loan proceeds were used to pay off a maturing CMBS loan secured by JLL 10 years ago. In addition, the loan included over $18 million for future capital improvements and $23 million of cash back to the sponsorship. This transaction represents over $500 million in financings secured for Innisfree Hotels.
The first hotel is the 275-key Hilton Pensacola Beach which offers a mix of traditional guest rooms as well as one-, two- and three-bedroom suites. The property features 15,000 square feet of meeting space, two outdoor pools, an indoor heated pool, a hot tub, beach access, a fitness center and the Luna Fine Art Gallery. The hotel also offers four food and beverage outlets, including Butler’s Pantry, Bonsai, Sal De Mar and H2O Grill.
The second hotel is the Holiday Inn Resort Pensacola Beach which offers 206 guest rooms and suites. The property features a 250-foot lazy river pool, fitness center, table tennis, indoor pool, outdoor pool and outdoor whirlpool. The property has two food and beverage outlets, Riptides Sports Bar and Gulf Front Tiki Bar, and 6,500 square feet of meeting space.
Located at 12 and 14 Via De Luna Dr., both hotels have approximately 300 square feet of frontage on Pensacola Beach. The hotels are positioned 12.5 miles from the Pensacola International Airport, which services more than 20 destinations offered by eight airlines. The properties can also be reached via the Pensacola Bay Bridge. Nearby local attractions include Pensacola Beach Gulf Fishing Pier, Pensacola Museum of Art, Pensacola MESS Hall, Gulf Breeze Zoo, Splash City Adventures and more.
The JLL Hotels & Hospitality team representing the borrower was led by Executive Vice President Jeff Bucaro, Senior Associate Maddie Blount and Analyst Mark DesLauries.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
About Innisfree Hotels
For more than three decades, Innisfree Hotels has expertly developed and managed dozens of hotels in partnership with many of the world’s most-recognized hospitality brands. Today, the company owns or manages more than 24 hotel properties — about 3,500 rooms — and employs approximately 2,000 people. Innisfree is the largest beachfront hotel owner-operator on the Gulf Coast. As a triple-bottom-line company, Innisfree measures success not only in profits but also through its impact on people and the planet. Innisfree, which has about $800 million of assets under management and $175 million in annual hotel revenue, was named one of Hotel Business’ top management companies and top owners & developers in 2022. For more information, visit innisfreehotels.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.