Berkadia announces it has arranged the sale and financing of Castle Hotel, Autograph Collection by Marriott, a 213-key boutique hotel located in Orlando, Fla. Managing Directors Michael Weinberg and Preston Reid and Senior Director Wyatt Krapf of Berkadia Hotels & Hospitality represented the seller, Waramaug Hospitality, a private investment firm that specializes in hotels nationwide based in Dallas, TX., and Contrarian Capital Management, an opportunistic credit investing company based in Greenwich, Conn.
Managing Director Michael Weinberg secured acquisition financing on behalf of the buyer, Banyan Investment Group, a hotel investment company based in Atlanta, Ga. MetLife originated the three-year loan with two one-year extension options.
“We are pleased to close on this acquisition through our Banyan Lodging Enhanced Value Fund and appreciate the flawless execution by the Berkadia team in sourcing and arranging the debt financing. Our ability to provide certainty of execution combined with our nimbleness to navigate through a challenging capital markets environment proved to be advantageous. We are continuing to pursue both branded and independent hotels primarily in primary and secondary markets with multiple business and leisure demand generators,” commented Samir Yajnik, Principal and EVP of Investments at Banyan Investment Group.
“Orlando is seeing tremendous performance growth and this asset is directly adjacent to the new multi-billion theme park Universal is building which should really help the success of this investment,” said Weinberg. “It’s definitely a tough transaction market but we were thrilled to be able to advise both the seller on the disposition and the buyer with their acquisition financing.”
Built in 1995 and renovated in 2022, the Castle Hotel, Autograph Collection by Marriott hotel is located at 8602 Universal Boulevard and spans 3.4 acres. It consists of one nine-story building and two detached single-story buildings. Hotel amenities include a 24-hour fitness center, a heated pool and hot tub with a poolside bar, a full-service restaurant, complimentary shuttle, a 9,577-square-foot flexible meeting space that includes a 2,206-square-foot ballroom and self-park or valet. The hotel is in the heart of Orlando, close to International Drive on Universal Boulevard, The Orange County Convention Center, Universal Orlando Resort, SeaWorld Orlando and the Orlando International Premium Outlets.
Berkadia’s Hotels & Hospitality platform combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.