CBRE has arranged a $105 million ($407,000 per key) loan on behalf of a Gencom affiliate for the refinancing of the recently relaunched Bellwether and Beachcomber Resorts in St. Pete Beach, Florida.
The 258-key portfolio on 10 prime beachfront acres is part of the broader Pinellas County, close to St. Petersburg and Tampa International Airport. The recently renovated, full-service properties are located along more than 430 feet of the #1 ranked U.S. Beach in 2021 (according to TripAdvisor).
CBRE’s Hotels Debt & Structured Finance team of Mark Owens, Olga Lepow and John Avanzino facilitated the debt financing with leading German lenders in the lodging space. The CBRE team has now closed more than $5 billion in hospitality financings since March 2020.
“The irreplaceable locations of the Bellwether and Beachcomber, strong pre-renovation performance, and unparalleled product in the market generated highly attractive financing options, despite current market volatility. CBRE’s in-depth understanding of the market, combined with their lender relationships and underwriting acumen, resulted in an incredible execution in today’s market. We look forward to more closings with the CBRE team,” said Karim Alibhai, Principal of Gencom.
“Our borrower’s quality of sponsorship, successful implementation of complex renovations, and management’s ability to dramatically increase performance through renovations enticed the lending community. The level of interest illustrates capital’s continued desire for leisure-driven resorts in supply-constrained coastal markets. Lodging’s natural inflationary hedge is appealing to the debt markets,” said Mr. Owens, Co-Head of Debt & Structured Finance for CBRE Hotels.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
