MetLife has provided a $60 million to refinance the Grand Bohemian Hotel in downtown Orlando, Florida.
The 10-year fixed rate loan will be used to refinance an existing loan that was securitized through Bear Stearns Commercial Mortgage Securities 2006-PWR14, which was set to mature in October. The borrower is Xenia Hotels and Resorts, a REIT that invests primarily in lifestyle and urban upscale hotels, while an HFF debt placement team led by director Michael Weinberg arranged the deal.
“We are bullish on downtown Orlando and its future growth potential,” said Weinberg in a prepared statement. “We have seen strong demand from debt and equity capital firsthand, having sold or financed some of the premier assets in the submarket, such as Grand Bohemian and Embassy Suites.”
The Grand Bohemian Hotel Orlando is a 247-room full-service hotel hotel that is part of Marriott’s Autograph Collection and features 9,117 sq ft of meeting and ballroom space. The hotel was completed in 2001. Xenia Hotels & Resorts purchased the 325 South Orange Avenue property in 2012 as part of a three hotel portfolio totaling $154 million. The Orlando-based firm owns 50 hotels, primarily operated by industry leaders such as Marriott, Hilton, and Hyatt.
MetLife declined to comment, while Xenia Hotels and Resorts did not respond in time for publication.