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.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
About Banyan Investment Group:
With offices in Florida and Georgia, Banyan Investment Group is a hotel investment company that acquires branded and independent hotels across select service, extended stay, and compact full service throughout the United States. The company has been recognized as an Inc. 5000 member for the past seven consecutive years. The company utilizes conservative forecasting, combined with a clear assessment of calculated risk taking, to make optimal investments with an overarching goal of delivering a superior risk-adjusted value proposition to investors.
About Waramaug Hospitality:
Waramaug Hospitality is a privately held investment firm specializing in the investment and ownership of hotels nationwide, with a primary focus on premium-branded select service and full-service hotels. Since inception, Waramaug has acquired over $800 million in hotel assets comprising over 5,000 rooms and more than 40 properties. During this time, Waramaug has established a superior investment and asset management platform dedicated to maximizing returns to our partners and investors.
