FORT WALTON BEACH, FLA. (Feb. 7, 2017) — Woodbine Development Corporation (Woodbine) and InterMountain Management, LLC (IMM) have secured a refinancing for TownePlace Suites by Marriott, a four-story, 112-suite extended-stay hotel in Fort Walton Beach, Florida, near Eglin Air Force Base (AFB).
HFF worked on behalf of ownership, which includes Woodbine and IMM, to secure the loan through Goldman Sachs. The refinancing was brokered by HFF Managing Director John Bourret and Senior Managing Director Brian Carlton.
“We’re pleased to have secured a refinancing for this asset, as the hotel has been performing incredibly well in its market,” said King Scovell, chief development officer and managing director for Woodbine. “This property clearly resonates with both business and leisure travelers, and we anticipate its growth will continue into the future thanks to IMM’s thoughtful management of this destination.”
Woodbine and IMM co-developed the project, which opened in 2014. Woodbine serves as the asset manager for the hotel, while IMM provides management services. The TownePlace Suites Fort Walton Beach – Eglin AFB marked the first of five collaborative hotel ventures for Woodbine and IMM.
“Our Fort Walton property is a strategically positioned hotel for the IMM/Woodbine partnership,” said Dewey Weaver, owner of IMM. “We look forward to continuing to grow our partnership with Woodbine on future high-quality assets.”
Overlooking the Garnier Bayou, TownePlace Suites Fort Walton Beach – Eglin AFB features 112 well-appointed suites ideal for guests who are seeking longer stays. The hotel’s offerings include studio, one-bedroom and two-bedroom accommodations with full kitchen amenities and separate living/working and sleeping areas; a heated, saltwater swimming pool; a 24-hour fitness center; and a fully equipped business center. The hotel is located five miles from Northwest Florida Regional Airport and six minutes from the beach, giving guests convenient access to various local attractions and Eglin Air Force Base.
About Woodbine Development Corporation
Woodbine Development Corporation is a full-service real estate company with over 40 years of development, investment, acquisition and asset management experience. With offices in Dallas, Phoenix and Los Angeles, Woodbine specializes in hotels, resorts and mixed-use developments throughout the United States. The company’s hospitality portfolio features major brands, independent hotels, full-service destinations and select-service stays alike. Since 1973, Woodbine has been involved in more than $7 billion in commercial real estate projects, including the development, ownership, asset management, repositioning and renovation of over 7,000 hotel rooms. To learn more, visit www.woodbinedevelopment.com.
About InterMountain Management, LLC
As one of North America’s leading owner/operator and third-party management companies, InterMountain Management, LLC specializes in the select service and extended stay hotel segments. For more than 25 years, InterMountain Management’s dedication to success has been proven in the results as a hotel owner, management company and hotel developer. Their managed hotel owners have benefited from the development and management knowledge and experience gained from owning and operating our own hotel portfolio. They currently own and/or manage over 75 premium branded hotels in 26 states within Marriott International and other leading hotel brand portfolios. For more information or to view hotel locations across the U.S., please visit their website at www.InterMountainhotels.com.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.