Meridian Capital Group, America’s most active dealmaker, arranged $19.6 million in acquisition and repositioning financing for the purchase and conversion of a Comfort Inn into a Crown Plaza in Orlando, FL.
The 36-month loan, provided by debt fund, features a LIBOR-based rate, full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in the company’s Boca Raton, FL office.
The Comfort Inn, located at 8686 Palm Parkway, is a seven-story hotel, consisting of 200 rooms in the Lake Buena Vista area of Orlando. The hotel offers an array of amenities, including oversized guest rooms with balconies, daily housekeeping, free Wi-Fi, cable TV, an outdoor pool with waterslide, outdoor parking, a business center with free high-speed Internet, meeting rooms, guest laundry facilities, and complimentary shuttles services to Disney World, Universal Studios and SeaWorld. The property is a short 20-25 minute ride to the Orlando International Airport and is in close proximity to Interstate 4, the Orange County Convention Center, luxury golf courses, exciting theme parks, premium shopping outlets, and colorful dinner theater venues.
“Our strong relationship with the lender allowed us to develop a customized payment structure that achieved the right balance between maintaining current operational levels and satisfying existing brand requirements while converting the property to the Crown Plaza Hotels flag,” said Mr. Kaminetzky.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com