Marriott Hotel Portfolio Lands $29M Refi

American Hotel Income Properties has landed a $29.3 million bridge loan from Access Point Financial to refinance existing debt and fund capital improvements for a three-hotel portfolio in New Jersey and Florida.

The financing is secured by three Marriott-branded properties: the 113-room Courtyard by Marriott Wall at Monmouth Shores Corporate Park in Wall Township, N.J.; the 81-room Courtyard by Marriott Tampa North/I-75 Fletcher in Tampa, Fla.; and the 80-room Fairfield Inn & Suites Orlando Ocoee in Ocoee, Fla.

The three properties operate under long-term Marriott franchise agreements and serve a variety of business and leisure travel segments. Their locations benefit from multiple demand drivers, including corporate activity, regional business travel, transportation access and tourism-related visitation, according to APF.

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The bridge loan provides AHIP with flexible capital to refinance existing debt while funding property improvements intended to enhance asset performance. Bridge financing remains an important capital source for hotel owners looking to reposition assets, complete renovations or navigate evolving market conditions before pursuing longer-term financing alternatives.

New Jersey’s strong hospitality market

In terms of tourism and hotel revenue growth, New Jersey has overtaken Texas, California, Missouri, Florida and Pennsylvania, according to a March report from Travel and Tour World. 

In addition, the state’s hospitality sector has regained—and then some—all of the 100,000-plus hospitality jobs it lost from COVID-19, according to a report from the New Jersey Department of Labor.

In contrast, the Tampa hospitality market is less rosy, according to a first-quarter report from Cushman & Wakefield. Year over year, demand, occupancy, ADR and RevPAR are all down by 5.9 percent, 7.3 percent, 2.2 percent and 9.4 percent, respectively.

A recent South Florida hotel deal came last month, when partners The Artifact Group and Rok Acquisitions purchased the Sheraton Suites Fort Lauderdale West, a 265-room all-suite hotel in Plantation, Fla., from Everwood Hospitality Partners for an undisclosed price. JLL arranged the sale on behalf of the buyer.