MIAMI and ORLANDO—Concord Summit Capital, LLC (Concord Summit), successfully arranged a $98.39 million refinancing for Margaritaville Resort Orlando. Starwood Property Trust (Starwood) provided the loan, which refinances the existing construction senior and mezzanine debt and provides additional capital for an expansion of the resort, to Margaritaville’s developer and owner Encore Capital Management (Encore).
The transaction closed on August 27, 2021. Encore, a longtime client of Concord Summit, plans to build 75 additional hotel rooms on the east wing of the Margaritaville Resort Orlando.
Concord Summit’s Managing Director Kevin O’Grady, Director Justin Neelis, and Senior Analyst Daniel Rojo sourced the financing on Encore’s behalf.
“Margaritaville was a success story from its opening and became even stronger after the reopening of Orlando in 2020,” O’Grady said. “The owners have planned the resort’s expansion carefully and enhanced the brand significantly. Starwood, as a hospitality focused company, recognized the value of this asset and was a pleasure to work with.”
Located in Kissimmee, Margaritaville Resort Orlando opened in January 2019. Concord Summit’s principals also arranged the original construction financing for Margaritaville in 2017. For the refinancing, the firm began marketing the opportunity to potential lenders in spring 2021 as the hospitality industry started rebounding from the pandemic. The Concord Summit’s team generated significant interest from lenders.
Other Encore properties and developments financed by Concord Summit’s principals include Paramount Miami Worldcenter (condominium component), Paramount Fort Lauderdale Beach, and Plantation Walk.
