Miami, Fl. [May 2, 2018] Miami-based Riviera Point Development Group has obtained a $10.7 million construction loan to build a dual brand hotel on International Drive near SeaWorld. The development’s first phase will consist of a 101-room La Quinta Inns & Suites and phase II will consist of a 98-room Tryp by Wyndham SeaWorld. The lender was Miami-based Apollo Bank. The deal closed on Monday, April 23. The loan is a great endorsement for a project that stands to benefit from Orlando’s 68 million-tourism industry.
“It is an honor and a privilege to build a dual brand hotel development in one of the nation’s fastest growing markets,” said Riviera Point President and CEO Rodrigo Azpurua. “When we started raising private equity mainly in Latin America to build the hotels, the investors’ interest was overwhelming. They knew Orlando from visiting the parks and they wanted to play an active role in the evolution of this region by building and owning hotels on the popular International Drive.”
The loan will help fund the $32 million construction cost of the entire 3.3-acre development, which is located less than two miles from SeaWorld and the Orange County Convention Center, one of the largest convention centers in the U.S.
“With Orlando’s hospitality sector one of the strongest in the state, this was a great opportunity for Apollo Bank to execute on another loan in the Central Florida market,” said Eddy Arriola, CEO of Apollo Bank. “The strategic positioning of the hotel, the strength of the La Quinta and Wyndham brands and the bank’s long-standing relationship with the borrower were important factors in arranging favorable loan terms for this project.”
In addition to the construction loan, Riviera Point has already raised $6 million in private equity mainly from Latin America and is raising $12 million in EB-5 funds. The EB-5 investor visa program allows foreign investors to invest at least $500,000 in job-creating projects in the U.S. in exchange for a green card. Riviera Point is one of the country’s most successful EB-5 developers. Since 2012, the company has raised $68 million in EB-5 funds and successfully built five suburban office buildings in Doral and Miramar, two fast-growing communities in South Florida. Riviera Point is currently building a Radisson Red by Miami International Airport with EB-5 funds mostly from Latin American investors. As a result of those projects, more than 190 investors from Venezuela, Colombia, Mexico and Argentina, among others, have obtained a green card.
Riviera Point has already started ground work for La Quinta and vertical construction will commence in 45 days. The 53,094-square-foot hotel is expected to open in the second quarter of 2019. The four-story hotel will include a fitness center, a pool and restaurant. With a modern contemporary architecture, La Quinta’s Del Sol brand combines iconic brand elements with elegantly clean geometric lines. The select-service hotel will cater to midscale and upper-midscale travelers looking for a warm and comfortable experience at attainable rates. La Quinta will be located at 11545 International Drive near SeaWorld.
Construction of the 53,647-square-foot Tryp by Wyndham will commence later this year and open in early 2020. Apollo Bank will increase the amount of the loan at the time construction of phase II begins.
