Peachtree Group has originated a $150 million bridge loan to refinance a four-hotel portfolio totaling 997 guestrooms in Flamingo Crossings Town Center, adjacent to Walt Disney World Resort in Winter Garden, Fla. The financing is the largest senior bridge loan in the firm's history and reflects the continued expansion of Peachtree's commercial real estate credit platform.
The loan refinances existing debt on the portfolio, which is owned by repeat borrower Doradus Partners. JLL arranged the transaction, which closed in fewer than 45 days.
The portfolio includes the 223-guestroom Residence Inn by Marriott, the 273-guestroom Fairfield by Marriott Inn & Suites, the 272-guestroom Home2 Suites by Hilton and the 229-guestroom Homewood Suites by Hilton. Developed in 2020 and 2021, the hotels are among the newest in their competitive set and have a weighted average occupancy of nearly 89 percent.
“This transaction reflects exactly where we believe the market is today,” Jared Schlosser, head of originations and C-PACE at Peachtree, said in a statement. “High-quality assets with experienced sponsorship continue to attract significant lender interest, but execution remains the differentiator. We were able to move quickly, provide certainty and deliver a financing solution that met the borrower’s objectives.”
Each property carries the Walt Disney World Gateway Hotel designation, giving guests access to Disney vacation planning services, transportation to the parks and exclusive marketing opportunities. The hotels also benefit from the strong leisure demand generated by the Walt Disney World Resort.
“From both a real estate and operating perspective, this portfolio checked every box,” Schlosser said in a statement. “These are high-quality, institutional assets with strong cash flow, modern construction and two of the industry’s strongest global reservation systems through Marriott and Hilton. That combination gave us confidence in the long-term performance of the portfolio.”
The hotels are located within Flamingo Crossings Town Center, a mixed-use district that includes hotels, restaurants, retail and entertainment venues. The portfolio is also adjacent to Flamingo Crossings Village, a 120-acre residential community with more than 2,500 apartments that houses Disney cast members and participants in the Disney College Program.