PANAMA CITY BEACH, FLA. - Stonehill, an affiliate of Peachtree Hotel Group, and Innisfree Hotels, a Florida-based hotel owner/operator founded in 1985, announced the successful disposition of the 182-room Hampton Inn & Suites Panama City Beach in Fla. In partnership with Stonehill, Innisfree developed and opened the hotel in 2017. Innisfree retained ownership by restructuring its existing debt and equity on more favorable terms, taking advantage of favorable market conditions. Stonehill provided equity capital in a priority position to the sponsor.
“Innisfree has proven to be an excellent partner, developing, managing and selling our equity position in the hotel at a price accretive to our original investment,” said Mat Crosswy, principal, Stonehill. “This association has been very profitable for all parties, and we look forward to working with Innisfree and similar best-in-class partners moving forward.”
Located at 15505 Front Beach Rd., the hotel is located right on the beaches of the Gulf Coast, across the street from Gulf World Marine Park and half a mile from the sprawling Pier Park. Hotel amenities include a full-service business center, 24/7 fitness center, coin laundry and 1,700 square feet of meeting space. Guests receive a daily, complimentary breakfast or may opt to pick up sandwiches and sundries at the 24-hour Pavilion Pantry Market. All guest rooms feature the Hampton Bed®, with crisp linens and a fresh duvet, LCD flat screen television and free Wi-Fi. Suites also provide a sleeper sofa, bar sink, under-the-counter refrigerator and microwave oven.
“The Hampton Inn & Suites Panama City Beach has been a tremendous success since we opened its door less than two years ago, as evidenced by its #2 rating out of 49 hotels listed on TripAdvisor,” said Ted Ent, president and CEO of Innisfree hotels. “Our partnership with Stonehill allowed us to embrace our motto of ‘creating fun, memorable experiences,’ while cultivating innovation and excellence in everything we do. While the hotel has met our investment criteria, it retains a great deal of upside potential for the new ownership group, which includes Wesley and Donna Spruill of Tuscaloosa, Ala., and Innisfree Hotels as an owner-operator”.