Citigroup And Deutsche Bank Provide $410M Loan To Fort Partners For Four Seasons Palm Beach And Four Seasons Surf Club

The owners of two upscale Four Seasons resorts in South Florida, Four Seasons Palm Beach and Four Seasons Surf Club, have secured a mortgage of $410 million from Citigroup and Deutsche Bank. The loan amount will be used for refinancing purposes, allowing the owners, Fort Hospitality Group affiliates, to extract $56.5 million in cash and retire $345 million in debt. The properties are situated at 2800 South Ocean Boulevard in Palm Beach and 9011 Collins Avenue in Surfside, offering a total of 309 keys and featuring high-end amenities, restaurants, and a strong financial performance.

Summary of transation details

• Property Type: Hotel
• Transaction Amount: $410,000,000
• Address: 2800 South Ocean Boulevard, Palm Beach & 9011 Collins Avenue, Surfside
• Market: Palm Beach & Surfside
• Keys: 309

The loan, with a four-year term, will involve only interest payments and carry a fixed coupon rate of 8.7 percent. The lenders, Citigroup and Deutsche Bank, have extended the mortgage financing to the property owners, Fort Partners represented by Nadim Ashi. This deal enables the owners to improve their financial position, strengthen their cash flow, and continue to operate these prestigious Four Seasons resorts.