A new $735m five-year, floating-rate CMBS (commercial mortgage-backed securities) term loan has been agreed to refinance the Walt Disney World Swan, the Walt Disney World Dolphin and the Walt Disney World Swan Reserve (Swan & Dolphin Resort).
Real estate company JLL’s Hotels and Hospitality Group represented the joint venture between Tishman Hotel & Realty and MetLife Investment Management (MIM). The lenders were Wells Fargo, Bank of America and Goldman Sachs.
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Located adjacent to Walt Disney World’s Epcot and Hollywood Studios theme parks, the Swan & Dolphin Resort is the only non-Disney-owned hotel on the grounds of Walt Disney World in Florida.
Built by Tishman and MIM and opened in 1990 and 2021, the 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 more than 452,000ft² of meeting and event space including eight ballrooms and 99 meeting rooms, and 100,000ft² of outdoor space. Amenities include 16 restaurants, seven bars, three fitness centres, six outdoor pools and a 12,000ft² spa.
JLL Hotels & Hospitality Group Americas CEO Kevin Davis stated: “The loan was 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.”
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