A 221-room Jacksonville dual-brand hotel has secured $25 million for renovations. A Berkadia Hotels & Hospitality team arranged the refinancing for the eight-story, Hilton Garden Inn-Homewood Suites.

Berkadia secured the financing on behalf of owner Excel Group, a hotel private equity firm, for a five-year, $25.6 million refi loan. The Jacksonville Business Journal reports Berkadia says Excel has significantly improved the property’s performance through operational efficiencies since acquiring it in 2021. Berkadia adds the hotel’s occupancy, daily rate and revenue per available room performed well against local competitors. The new loan will allow them to invest additional capital into the property, improving rooms and interior furnishings.

Located at 1201 Kings Ave., hotel amenities include an on-site restaurant, room service, meeting rooms, an outdoor pool and fitness center.