Stonehill closes construction loan for Margaritaville

Hotels – Stonehill, the Atlanta, Georgia-based commercial real estate lender, closed a US$104 million construction loan with TPI Hospitality for the 254-room Margaritaville Resort in Fort Myers Beach, Florida. The resort is expected to open in early 2023. The loan carries a 42-month initial term with two extensions and is expected to fund roughly 70% of the project’s cost. Stonehill recently provided a US$28 million loan to help fund the construction of the 167-room, all-suite Marriott SpringHill Suites Hotel in Tampa.