NEW YORK — PMZ Realty Capital LLC, a boutique real estate investment banking firm, has arranged a $29 million loan for The Holiday Inn Resort and The Beachview Club of Jekyll Island, Ga.
“With historically low rates, and an abundance of capital in the market, PMZ Realty Capital is strongly encouraging anyone sitting on the fence to review their current financing,” said Michael Sonnabend, managing member, PMZ Realty Capital LLC. “In this situation, the owners were able to get cash back and increase cash flow due to a lower interest rate and longer amortization.”
The 157-key Holiday Inn Resort Jekyll Island is an oceanfront property that was acquired in 2013, fully gutted, and re-opened in 2015 with an affiliation with Holiday Inn Resorts. The property has fully renovated rooms, a fitness center, a coffee bar, an outdoor bar and grill, a new pool, and a play area for children.
The 38-key Beachview Club is adjacent to the Holiday Inn property. After acquiring the property in 2017, the ownership group renovated the asset to create an upscale boutique beachfront hotel.
“Jekyll Island is a unique location where 65 percent of the island must remain undisturbed nature area by Georgia law,” said Rick Patton, managing member, Georgia Coast Holdings. “The barrier islands of Georgia are truly a special area and PMZ presented us a list of options that allow us to secure very favorable financing even though the Beachview Club had just opened. By controlling our borrowing costs, we are able to invest in the guest experience and to provide a strong return for our investors.”
The Holiday Inn Resort Jekyll Island and the Beachview Club will be managed by North Pointe Hospitality.