A Trinity Investments-led joint venture arranged for a $750 million refinancing of an existing $650 million loan for the Grande Lakes Orlando Resort on Tuesday. Eastdil Secured arranged the financing for the properties, and the refinancing was completed with a floating rate CMBS loan, according to Trinity.
The Honolulu-based private real estate investment firm recently completed a $118 million renovation and repositioning plan for the resort, which includes the 1,010-room JW Marriott Orlando, Grande Lakes and the 582-room Ritz-Carlton Orlando, Grande Lakes.
“Our ability to refinance the asset at attractive terms in today’s market is a testament to our ability to revitalize the resort for a new generation of travelers and position the asset for continued operational outperformance,” said Sean Hehir, managing partner, president and CEO of Trinity, in the news release covering the deal.
The joint venture acquired the resort in 2018. Its renovations include the addition of 12 guestrooms, elevated food-and-beverage experiences and a pool renovation that added a new waterpark.
In a recent podcast with Hotel News Now, Hehir said that he’s confident in the overall strength of the hotel industry because of hotels’ ability to absorb higher interest rates.