The 1,592-room property was refinanced with a floating rate CMBS loan.
Honolulu-based PE firm Trinity Investments has secured $750
million in refinancing of the existing $650 million loan for the 1,592-key
Grande Lakes Orlando Resort. The refinancing follows the completion of
Trinity’s $118 million renovation and repositioning plan for the resort. The
property was refinanced with a floating rate CMBS loan.
In addition to this latest deal, Trinity has been an active
player this year the $835 million acquisition of The Diplomat Beach Resort in
South Florida and a $515 million refinancing for The Westin Maui Resort and Spa
in Hawaii.
The Grand Lakes property sits on 409 acres with a 582-key
Ritz-Carlton, a 1,010-key JW Marriott, and a Greg-Norman-designed 18-hole golf
course.
The Trinity-led joint venture acquired the resort in 2018,
and since acquisition, the property has undergone an extensive renovation to
the rooms and public areas, adding 12 guestrooms, elevated food and beverage
experiences, and a pool renovation which includes a new waterpark.
“Our ability to refinance the asset at attractive terms in
today’s market is a testament to our ability to revitalize the resort for a new
generation of travelers and position the asset for continued operational
outperformance,” said Sean Hehir, managing partner, president and CEO of
Trinity. “We are grateful to our financial partners for their continued support
of the business.”
As of October 2023, Trinity has invested more than $9
billion in the United States, Mexico, Europe, and Japan.