Financing for 4 hotels at Flamingo Crossings outside Disney World closes
The construction of four new hotels in the Flamingo Crossings project outside of Disney World has taken a large step with financing in place by Dallas-based HALL Structured Finance.
The company this week closed a new first lien construction loan of $140 million to finance the building of the following four hotels:
- 223-room Residence Inn by Marriott
- 273-room Fairfield Inn by Marriott
- 229-room Homewood Suites by Hilton
- 272-room Home 2 Suites by Hilton
All four hotels are being developed simultaneously by real estate developer Doradus Partners and are expected to be complete by the fourth quarter of 2020.
“These four new hotel developments will offer something for every traveler, with both a mix of regular and extended-stay products, presenting exciting new lodging options for visitors to the area,” Mike Jaynes, president of HSF, said in a news release. “Marriott and Hilton’s strong loyalty programs, coupled with the strength of the development team and unbeatable location just west of the Walt Disney World Resort theme parks, made this an ideal project for our loan program. We look forward to seeing construction continue to progress.”
The new hotels will share a five-story parking garage, surface parking and a sports court. The four hotels will be bookable as part of Walt Disney Travel Company packages.
The hotels are located at the western entrance of Disney World and are part of a Flamingo Crossings Town Center, a master-planned development that includes hotels, retail, dining and housing for students participating in Disney Internships and College Programs.
There will also be a 200,000-square-foot retail hub at Flamingo Crossings and are anticipated to consist of over 50 new offerings and more than 1,700 parking spaces.
“We are extremely excited to be bringing a very unique hospitality offering at Flamingo Crossings Town Center. The combination of this fantastic location, well known and established flags, enhanced amenities and high-quality construction will make for a first-class experience for our guests who are seeking a value-based lodging experience near one of main entrances to the Walt Disney World Resort,” said Srinath Yedla, founding principal of Doradus Partners and CEO of Yedla Management Company which will manage the property upon opening.
