Avista Hotels and Resorts, an Orlando-based hospitality developer and operator, closed a $8.3 million permanent loan on its Hampton Inn hotel, a beach front property in Daytona Beach Shores, Florida.

CBRE Group, Inc., arranged a 10-year, floating rate loan that facilitated the completion of over $1.5 million of improvements to the hotel. Zac Brumbaugh, vice president with CBRE’s Debt & Structured Finance practice in Orlando, placed the loan with a mid-western bank through CBRE’s extensive network of hospitality lenders.

The Hampton Inn Daytona Beach Shores was redeveloped by Avista in 1999 through the acquisition of an existing, independently flagged hotel. It won Hampton Inn’s “Redevelopment of the Year” award at the time and underwent a major renovation in 2015.

 “The hotel’s performance had leveled off prior to the building’s exterior and interior renovations in 2015. We were able to leverage the rapidly increased performance post renovation to place a uniquely aggressive piece of financing with one of our nationwide bank lenders,” said Zac Brumbaugh, CBRE. “Avista is using the proceeds of this loan to install brand new furniture, fixtures, and equipment in every room including new beds, lamps, and chairs. After these renovations, the hotel will appear brand new.”

With more than $100 million in premium resort properties in its portfolio, Avista has been leading and innovating the hospitality industry for over 35 years. Based in Orlando, Avista has owned, managed, and developed over 54 hotels and resorts with over 6,135 guest rooms and suites, including partnerships with top of the line flags like Marriott, Hilton, Hyatt, and IHG.

The debt and equity team comprised of Zac, Jim, and Aaron Brumbaugh of CBRE represents multiple life insurance company lenders as their correspondent. Collectively, they have financed over $9 billion of commercial real estate with a variety of capital sources for all product types, including multifamily, industrial, office, retail, and hospitality.