Relaunch Leads to $105M Refi for Oceanfront Resort in St. Pete Beach
CBRE has arranged a $105-million ($407,000 per key) loan on behalf of a Gencom affiliate for the refinancing of the recently relaunched Bellwether and Beachcomber Resorts in St. Pete Beach, FL.
Mark Owens, Olga Lepow and John Avanzino of CBRE facilitated the debt financing with German lenders in the lodging space.
“The level of interest illustrates capital’s continued desire for leisure-driven resorts in supply-constrained coastal markets,” added Owens. “Lodging’s natural inflationary hedge is appealing to the debt markets.”
“The irreplaceable locations of the Bellwether and Beachcomber, strong pre-renovation performance, and unparalleled product in the market generated highly attractive financing options, despite current market volatility,” added Karim Alibhai, principal of Gencom.
The 258-key portfolio on 10 beachfront acres is close to St. Petersburg and the Tampa International Airport. The recently renovated, full-service properties are located along more than 430 feet of the #1 ranked U.S. Beach in 2021 (according to TripAdvisor).
- ◦Financing