New Owners Reflag Radisson as Holiday Inn Express

LAKE BUENA VISTA, FL-The 25-year-old, 200-room Radisson Hotel at 8686 Palm Parkway near Walt Disney World will begin a new life shortly as a Holiday Inn Express property. Tampa-based LBV Hotel Associates LLC paid Investment Property Exchange Service Inc. of Kearny, NE $12.4 million, or a below-replacement cost of $62,000 per room, for the asset.

To close the deal, the Miami office of Thomas D. Wood and Co. brokered a $9.6-million, three-year bridge loan for the buyer through Prudential Real Estate Fixed Income Fund. Wood’s executive vice president Marshall Smith handled the loan which carries a floating rate of interest of 3.20% above the 30-day Libor rate index.

In an unrelated transaction, Smith arranged a $1.67-million, permanent loan for the 108-home Windhorst Mobile Home Park at a fixed rate of 5.55% through Chicago-based LaSalle Bank. The 10-year loan is being amortized over 30 years. The proceeds will be used to pay down debt.

In Tampa, Wood’s vice president Rod Anderson arranged $1.9-million financing for the 36-year-old, 14,143-sf 3410 Henderson Building with Woodmen of the World Life Insurance Society of Omaha. The 15-year amortized permanent fixed-rate loan has a final interest rate of 5.6% which was “locked at the time of application,” Anderson tells GlobeSt.com. The building was completed remodeled in 2002. Key tenants include Safeguard, Dental Power and Talon Group. Loan proceeds will be used for general corporate purposes.