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Orlando, FL | February 2020
Thorofare Capital has funded an Opportunistic, Short-term Bridge Loan for the Crowne Plaza Orlando – Lake Buena Vista. The property is a 200-key, full-service hotel located along Park Parkway near Walt Disney World Resort.
The borrower utilized the loan to refinance a construction loan from 2017 that funded the conversion of the hotel from a former Comfort Inn. With a recently completed $5.78 million PIP, the hotel will benefit from a 15-year Franchise Agreement with Intercontinental Hotel Group. The Crowne Plaza features a restaurant & bar, business center, fitness center, 1,200 SF of meeting space, guest laundry, pool, and complimentary transfer to nearby theme parks.
The floating‐rate, interest‐only loan has a 24‐month initial term and accrues interest at a competitive spread over LIBOR.
The sponsor is a Florida-based, fully integrated hospitality company which operates in all facets of the hospitality industry including acquisitions, development, and management. The company has a portfolio of 22 hotels, with an additional five under contract or development.