Cronheim Hotel Capital has secured more than $50 million in loans for a pair of hotels on Florida's Amelia Island.
The loans include $29.9 million for the refinance and conversion of the Ocean Coast Hotel on Amelia Island to a Holiday Inn Resort, as well as $20.5 million for the refinance of the Amelia Hotel, an independent oceanfront property.
Both financings originated with a regional bank and include USDA and PACE components. The co-sponsors, Gulf Breeze, Fla.-based Innisfree Hotels and Dallas-based RREAF Holdings, purchased the properties with the intention of executing "significant" upgrades.