$20.07M in financing secured for Sheraton Tampa Brandon Hotel
JLL Capital Markets arranged financing for the 266-key hotel in Florida
BOSTON, June 21, 2023 – JLL Capital Markets announced today that it arranged $20.07 million in financing for the Sheraton Tampa Brandon Hotel, a 266-key, full-service hotel in Tampa, Florida.
JLL represented the borrower, Linchris Hotel Corporation, to secure the loan through the lender, Ready Capital.
The Sheraton Tampa Brandon contains a full-service restaurant and bar, outdoor swimming pool, fitness center and business center. It also features 32,175 square feet of meeting and event space highlighted by an 8,133-square-foot grand ballroom, which can hold up to 400 people.
Located at 10221 Princess Palm Ave., the hotel is directly off I-75 and slightly south of I-4, which are the two main highway arteries that connect the hotel to downtown Tampa. The hotel is nine miles east of Downtown Tampa, 15 miles from the Tampa International Airport, nine miles southeast of major theme park attractions such as Adventure Island and Busch Gardens and only three miles east of Seminole Hard Rock Casino and Florida State Fairgrounds. Additionally, the hotel is directly adjacent to large office complexes occupied by Citi Bank and JPMorgan.
The Tampa-St. Petersburg-Clearwater metropolitan area is a premier location for business, tourism and residence. The Tampa Bay market has been one of the best performing markets in the U.S. since 2020.
The JLL Capital Markets team was led by Senior Directors Amy Lousararian and Henry Schaffer and Director Jason Skalko.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Linchris Hotel Corporation
Built on the premise that good service is paramount to the financial success of any hotel, Linchris Hotel Corporation is a growing hotel management company with an outstanding reputation for high quality and first-rate service in hotel property management and the hospitality industry. Linchris Hotel Corporation has a proven track record for consistently adding value to the hotel properties under its management, which allows them to achieve the highest hospitality industry standards and top performance ratings from guests and hotel industry critics alike. linchris.com
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances, and services small to medium-balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 500 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.