Hospitality Funding Closes Third Cambria Hotel Construction Financing
Palm Beach, FL — Hospitality Funding is pleased to announce the closing of the construction financing for a new Cambria Hotel in downtown Orlando, FL. The closing marks Hospitality Funding’s third Cambria construction financing with four more slated for 2019.
The capitalization was highly structured with a senior construction loan, mezzanine financing and key money totaling over 80% of cost. Scott Silver, Chairman of Hospitality Funding said, ‘The financing was complicated and had a lot of moving pieces but the team at Hospitality Funding executed an incredibly accretive capitalization for our client minimizing the equity needed for the development.’ Hospitality Funding also arranged for a financial co-Sponsor on the development to provide additional credit enhancement to support the leverage.
When assessing the transaction, Hospitality Funding considered the proximity and economic benefit of the University of Central Florida’s downtown campus. UCF will bring 7,700 students to downtown Orlando in Fall 2019 as a part of Creative Village, a 68-acre mixed-use campus just 1 mile from the Hotel. Creative Village will be a "live, work, learn, and play“ urban development, also featuring office/creative studios, higher education, PS-8 education, mixed income residential and retail.
The 158 key hotel, featuring a rooftop bar, on Lake Eola will be the first new generation Cambria Hotel in the Orlando area.
About Hospitality Funding
Hospitality Funding, Inc. is a boutique investment advisory firm focused on raising equity, mezzanine, and debt financing for the acquisition of all types of hospitality assets. Hospitality Funding works with superior sponsors to find capital solutions that fit their specific goals for property acquisitions. For more information, please visit www.hospitalityfunding.com.
About Cambria Hotels
The Cambria® Hotels brand is designed for the modern traveler, offering guests a distinct experience with simple, guilt-free indulgences allowing them to treat themselves while on the road. Properties feature compelling design inspired by the location, spacious and comfortable rooms, flexible meeting space, and local freshly prepared food and craft beer. Cambria Hotels is rapidly expanding in major U.S. cities, with hotels open in Chicago, New York City, Pittsburgh, Washington, D.C., and Los Angeles. There are more than 40 Cambria properties open across the United States, and over 100 hotels open or in the pipeline in the U.S. and Canada. To learn more, visit www.choicehotels.com/cambria.
About Choice Hotels
Choice Hotels International, Inc. (NYSE:CHH) is one of the largest and most successful lodging franchisors in the world. With more than 7,000 hotels, representing nearly 570,000 rooms, in over 40 countries and territories as of December 31, 2018, the Choice® family of hotel brands provides business and leisure travelers with a range of high-quality lodging options from limited service to full-service hotels in the upscale, midscale, extended-stay and economy segments. The award-winning Choice Privileges® loyalty program offers members benefits ranging from everyday rewards to exceptional experiences. For more information, visit www.choicehotels.com.