JLL arranges $735M refinancing for the Walt Disney World Swan & Dolphin Resort on behalf of Tishman Hotel & Realty and MetLife Investment Management

Rhea-AI Summary

JLL's Hotels & Hospitality group arranged a $735 million refinancing for the Walt Disney World Swan & Dolphin Resort on behalf of Tishman Hotel & Realty and MetLife Investment Management. The resort consists of three Marriott branded hotels and offers extensive meeting and event space, restaurants, bars, fitness centers, pools, and a spa. The financing represents confidence in the resort's performance and management, with the loan priced competitively due to strong cash flows and a unique competitive position.

Positive

• JLL's arrangement of a $735 million refinancing for the Walt Disney World Swan & Dolphin Resort demonstrates confidence in the asset and management by Tishman Hotel & Realty and MetLife Investment Management.

• The competitive pricing of the SASB CMBS loan reflects strong in-place cash flows and the unique competitive position of the resort within Walt Disney World.

• The extensive amenities and meeting space offered by the Swan & Dolphin Resort contribute to its appeal and potential for high returns for investors, owners, and operators.

Negative

• None.

Wells Fargo, Bank of America and Goldman Sachs provided financing for the 2,619-key resort in Lake Buena Vista

NEW YORK, May 10, 2024 /PRNewswire/ -- JLL's Hotels & Hospitality group announced today that it arranged a new $735 million, five-year, floating-rate SASB CMBS term loan to refinance The Walt Disney World Swan, Walt Disney World Dolphin and Walt Disney World Swan Reserve (collectively, "Swan & Dolphin Resort"), a 2,619-key resort situated directly adjacent to the theme parks within Walt Disney World in Lake Buena Vista, Florida.

JLL represented a joint venture between Tishman Hotel & Realty and MetLife Investment Management (MIM). Wells Fargo, Bank of America and Goldman Sachs were the lenders.

Located adjacent to Walt Disney World's Epcot and Hollywood Studios theme parks, the Swan & Dolphin Resort is the only non-Disney owned hotel located on the grounds of Walt Disney World. Built by Tishman and MIM and opened in 1989 / 1990 and 2021, the iconic Michael Graves-designed Swan & Dolphin Resort consists of three Marriott branded hotels – the 756-key Swan (Sheraton), the 1,514-key Dolphin (Westin) and the 349-key Swan Reserve (Autograph Collection). The Swan & Dolphin Resort hotel offers over 452,000 square feet of meeting and event space (including eight ballrooms, 99 meeting rooms) and 100,000 square feet of outdoor space. 

The Swan & Dolphin Resort's amenities include 16 restaurants and seven bars, three fitness centers, six outdoor pools and a 12,000-square-foot spa.

The JLL team was led by Hotels & Hospitality Group Americas CEO Kevin Davis, Managing Director Mark Fisher and Analyst Caleigh O'Connell.

The financing represents an endorsement of the Swan & Dolphin Resort and the Tishman / MIM stewardship of the asset.

According to Davis, "The Swan & Dolphin Resort SASB CMBS loan priced at the tightest pricing levels seen for hotels since 2021. The market pricing was an affirmation of the strong in-place cash flows, the unique competitive position for the Resort and the incredible 35-year track record that Tishman and MIM have created in Orlando."

JLL's Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group's 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

For more news, videos and research resources, please visit JLL's newsroom.

About JLL 

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Contact: Alli Stent, Public Relations, Associate
Phone: +1 330 329 6750
Email: Alli.Stent@jll.com

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SOURCE JLL

FAQ

Who arranged the $735 million refinancing for the Walt Disney World Swan & Dolphin Resort?

JLL's Hotels & Hospitality group arranged the $735 million refinancing for the Walt Disney World Swan & Dolphin Resort.

What lenders provided financing for the resort?

Wells Fargo, Bank of America, and Goldman Sachs provided financing for the Walt Disney World Swan & Dolphin Resort.

What is the location of the Swan & Dolphin Resort?

The Swan & Dolphin Resort is situated directly adjacent to the theme parks within Walt Disney World in Lake Buena Vista, Florida.

What amenities are offered at the Swan & Dolphin Resort?

The Swan & Dolphin Resort offers extensive meeting and event space, restaurants, bars, fitness centers, pools, and a spa among other amenities.

How many Marriott branded hotels are part of the Swan & Dolphin Resort?

The Swan & Dolphin Resort consists of three Marriott branded hotels - the Swan (Sheraton), the Dolphin (Westin), and the Swan Reserve (Autograph Collection).