Cronheim Hotel Capital has secured $23.6 million to refinance the recently converted Holiday Inn Resort on Surfside Beach, S.C. The financing was originated with a regional bank and provided the sponsor a return of capital for improvements that had been completed since acquisition.
The co-sponsors, Innisfree Hotels and RREAF Holdings, purchased the property as an independent hotel in late 2023 and invested capital to convert to a Holiday Inn Resort.