As an exclusive advisor, RobertDouglas represented TPI Hospitality on the successful refinancing of the recently-opened Margaritaville Beach Resort Fort Myers Beach, a 254-room resort on beachfront land in Fort Myers Beach, Fla.
The financing, provided by an institutional-grade balance sheet lender, repaid construction financing, returned equity to TPI, and includes an earnout structure for future proceeds based on performance. Trailing net operating income increased meaningfully from marketing through closing, underscoring the lender’s conviction in the asset’s ramp-up potential and the creative, forward-thinking approach taken by all parties involved.
Fully opened in April 2024, the development is the result of over a decade of TPI’s prolific efforts in a process that involved the assemblage of multiple parcels, obtaining entitlements at the city, county and state levels, as well as overcoming a global pandemic and the catastrophic Hurricane Ian.
The resort has 254 guestrooms, five food and beverage outlets and the 60,000-square-foot Fins Up! Beach Club. Located on Estero Island, the resort is near Times Square, Crescent Beach Park and the Fort Myers Beach Pier, and is at the center of a market undergoing over $150 million in public infrastructure investment, including a $100 million Times Square revitalization, $40 million beach replenishment, and $17 million pier reconstruction.
“This financing represents a strong endorsement of the asset, the brand, and the sponsor,” Evan Hurd, principal and managing director at RobertDouglas, said in a statement. “TPI has delivered a truly irreplaceable, institutional-quality resort on one of Florida’s most coveted beachfronts, backed by a category-defining brand in Margaritaville. The lender recognized the long-term value in both the real estate and the operating platform, and we’re proud to have helped structure a transaction that positions all parties for continued success.”
“This refinancing marks a major milestone that positions the asset well to continue achieving strong growth and reach its full potential,” said Chris Flagg, chief investment officer of TPI Hospitality. “RobertDouglas has been a true strategic partner throughout the process. Their deep understanding of both capital markets and hospitality operations helped us unlock significant value from a flagship asset that represents years of vision, investment, and execution by our team.”