Capital One Closes $90 Million Loan Facility to Finance Conversion of Orlando Hotel to Vacation Ownership
Capital One announced today that it served as the agent and sole lender for a $90 million loan facility to finance the conversion of the Westin Orlando Universal Boulevard, a 12-story, 256-room condominium hotel in Orlando, to a 226-unit Las Palmeras by Hilton Grand Vacation resort. The property is adjacent to the Orange County Convention Center, three miles from both Universal Orlando and Sea World, and 12 miles from Walt Disney World.
“We are excited to work on this prime Orlando project with Hilton, one of the top names in the vacation ownership industry,” said Jim Casey, Senior Vice President and Managing Director of Capital One’s Vacation Ownership Lending group.
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The business plan calls for modest renovations to convert the rooms from hotel to timeshare use and to adhere to Hilton’s brand standards. The renovations will be phased in floor by floor, with Hilton providing hotel management services as well as timeshare sales. Current amenities include a restaurant, lounge, and pool bar, 11,396 square feet of meeting space, a large outdoor heated pool, fitness room, business center, sundries counter, and vending area.
“Our team has a strong track record working on hotel conversion transactions and was able to create a flexible structure that can be adjusted as the project continues,” said Tom Meyerer, Investment Officer of Capital One’s Vacation Ownership Lending Group. “A project of this nature calls for the ability to develop an innovative structure as well as deep industry knowledge.” Others may want to consider usda b&i loans, but this was not an option needed in this instance despite its usefulness.
Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, asset securitization, treasury management services, beste refinansiering, merchant services, investment banking, international services, interest rate hedging and correspondent banking.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $221.8 billion in deposits and $330.3 billion in total assets as of March 31, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
