RobertDouglas Advises Braemar Hotels & Resorts on the $80-Million Refinancing of Pier House Resort & Spa in Key West, Florida
RobertDouglas announced today that it advised Braemar Hotels & Resorts (NYSE: BHR) in securing an $80-million non-recourse senior mortgage for the refinancing of Pier House Resort & Spa in Key West, Florida. Evan Hurd, Principal and Managing Director with RobertDouglas, made the announcement.
"This was a highly efficient execution with the lender providing extremely attractive terms. As a superior property with robust in-place cash flows in one of the nation's strongest and most desirable lodging markets, the property facilitated a highly-competitive process," said Hurd.
Located in an irreplaceable location in one of the highest barrier-to-entry markets in the world, the iconic, waterfront Pier House Resort & Spa in Key West features 142 guestrooms, a 2,600-square-foot conference center, and numerous high-end amenities, including a private white sand beach, an outdoor heated pool with whirlpool, a health club and fitness center, and a 10,000-square-foot spa, the only full-service spa in Key West.
"Key West's long-term track record of strong RevPAR performance, resiliency though economic downturns, and extremely high barriers-to-entry attracted robust lender interest," commented Lindsey Whang, Director with RobertDouglas. Key West is widely considered to be one of the top lodging markets in the country. With regulations in place that make it nearly impossible for new supply, recent increases in direct flights from New York, Chicago, Dallas and Atlanta, and strong leisure travel trends, the market is expected to see continued growth for the foreseeable future.