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News Swan and Dolphin Tower Expansion - The Walt Disney World Swan Reserve
- Thread starter TarzanRocked99-
- Start date
Jambo Joe
Well-Known Member
Or a giant citrus juicer
You missed the part that goes through the Dolphin!!!
tonymu
Premium Member
https://commercialobserver.com/2018/11/disney-world-bank-america-tishman-met-life/
Heigh-Ho! Two Disney Resorts Score $627M in CMBS Financing
BY MATT GROSSMAN NOVEMBER 1, 2018 5:58 PM
REPRINTS
THE DOLPHIN HOTEL AT DISNEY WORLD NEAR ORLANDO. PHOTO: WIKICOMMONS
Bank of America has provided Tishman Hotel & Realty and MetLife with a $627 million debt package on a pair of hotels the duo owns in Florida’s Walt Disney World Resort, according to Fitch Ratings, which analyzed the transaction.
The primary cross-collateralized mortgages in the deal, a pair of CMBS loans that total $447 million, are secured by the Walt Disney World Swan and Walt Disney World Dolphin hotels. That debt refinances $385 million of outstanding CMBS debt and knocks $45 million of preferred equity out of the capital stack. Additionally, Bank of America will deliver $180 million in subordinate debt to fund construction of a third hotel adjacent to the Swan.
Disney owns the land under the hotels but has ground-leased it to Tishman and MetLife for 99 years.
The two-year senior CMBS loans will pay an interest rate of Libor plus 1.52 percent, and come with four one-year extension options. The mezzanine debt, also good for a two-year initial term, will cost the borrowers interest of Libor plus 4 percent.
Combined, the hotels—built in the late 1980s by architect Michael Graves—comprise 2,270 rooms in a pair of buildings overlooking a lagoon on the Disney World grounds, less than a mile from the Epcot theme park’s iconic geodesic sphere. (The Magic Kingdom theme park is about two miles north.) The hotels’ immediate surroundings include 13 restaurants, spas, swimming pools, and hundreds of thousands of square feet of meeting space. When the third hotel—to be branded as an Autograph Collection by Marriott location—is done in early 2021, it will also serve as collateral for the Swan hotel’s portion of the debt. Marriott also runs the Swan and Dolphin hotels, which are operated as Westin– and Sheraton-branded lodgings, respectively.
Last year, the Swan’s average daily rate topped $192, up from $180.50 in 2015. Room prices for the Dolphin showed a similar growth trend. Together, the hotels earned net cash flow of $53.9 million last year, up from $47.3 million in 2016. Income from food and beverage service accounts for 42 percent of the total.
Disney’s five theme parks at Walt Disney World, which opened in 1971, drew a total of 55.9 million visitors last year, according to Fitch. Orlando, the closest big city, is the fastest growing jobs market in America and no. 2 for population growth. Development is underway on two new themed areas at Walt Disney World, based on the Toy Story and Star Wars brands.
Heigh-Ho! Two Disney Resorts Score $627M in CMBS Financing
BY MATT GROSSMAN NOVEMBER 1, 2018 5:58 PM
REPRINTS
THE DOLPHIN HOTEL AT DISNEY WORLD NEAR ORLANDO. PHOTO: WIKICOMMONS
Bank of America has provided Tishman Hotel & Realty and MetLife with a $627 million debt package on a pair of hotels the duo owns in Florida’s Walt Disney World Resort, according to Fitch Ratings, which analyzed the transaction.
The primary cross-collateralized mortgages in the deal, a pair of CMBS loans that total $447 million, are secured by the Walt Disney World Swan and Walt Disney World Dolphin hotels. That debt refinances $385 million of outstanding CMBS debt and knocks $45 million of preferred equity out of the capital stack. Additionally, Bank of America will deliver $180 million in subordinate debt to fund construction of a third hotel adjacent to the Swan.
Disney owns the land under the hotels but has ground-leased it to Tishman and MetLife for 99 years.
The two-year senior CMBS loans will pay an interest rate of Libor plus 1.52 percent, and come with four one-year extension options. The mezzanine debt, also good for a two-year initial term, will cost the borrowers interest of Libor plus 4 percent.
Combined, the hotels—built in the late 1980s by architect Michael Graves—comprise 2,270 rooms in a pair of buildings overlooking a lagoon on the Disney World grounds, less than a mile from the Epcot theme park’s iconic geodesic sphere. (The Magic Kingdom theme park is about two miles north.) The hotels’ immediate surroundings include 13 restaurants, spas, swimming pools, and hundreds of thousands of square feet of meeting space. When the third hotel—to be branded as an Autograph Collection by Marriott location—is done in early 2021, it will also serve as collateral for the Swan hotel’s portion of the debt. Marriott also runs the Swan and Dolphin hotels, which are operated as Westin– and Sheraton-branded lodgings, respectively.
Last year, the Swan’s average daily rate topped $192, up from $180.50 in 2015. Room prices for the Dolphin showed a similar growth trend. Together, the hotels earned net cash flow of $53.9 million last year, up from $47.3 million in 2016. Income from food and beverage service accounts for 42 percent of the total.
Disney’s five theme parks at Walt Disney World, which opened in 1971, drew a total of 55.9 million visitors last year, according to Fitch. Orlando, the closest big city, is the fastest growing jobs market in America and no. 2 for population growth. Development is underway on two new themed areas at Walt Disney World, based on the Toy Story and Star Wars brands.
NiarrNDisney
Well-Known Member
Plans look good now lets just hope (one more time for the cheap seats) that they build a pedestrian bridge over Epcot Resorts Blvd so those walking to and from the resort and Fantasia Mini Golf don't get hit by the crazy drivers who never seem to follow the speed limit around the curves in this area.
Jambo Joe
Well-Known Member
Looks like the plans show a pedestrian bridge. I agree with you that crossing that road is not great.
lazyboy97o
Well-Known Member
The drawings do not show a pedestrian bridge.
danlb_2000
Premium Member
Yep, they only show a crosswalk.
denyuntilcaught
Well-Known Member
Anyone else think it's funny that it's an Autograph Collection hotel, which do indeed have their own personalities and charm (Atlantis is a great example) - yet what we're getting is the complete opposite of personality and charm?
build_it
Well-Known Member
funny.... depressing.... Maybe its the new Autograph Bland Collection...
I personally want to watch the game of Frogger that is going to be happening at the crosswalk!
Horizons '83
Well-Known Member
- In the Parks
- No
True, but Atlantis was bought by Marriott a few years back so its uniqueness was built in the 1990's but I do agree that most have something unique about it that sets them apart. I just don't see this one being that unique rom the artist renderings.
Flynnwriter
Well-Known Member
Too tall. Too ordinary. Too crowded. Disney has given up on hotels.
Rteetz
Well-Known Member
Well this isn’t a Disney hotel...
Flynnwriter
Well-Known Member
Disney Reveals Concept for New Epcot Resorts Hotel!
Disney’s legendary imagineers revealed the inspiration and concept of Disney World’s latest resort on a sliver of land between an access road and the highway.
“After having taken families to Africa, turn of the century America, the great outdoors - we wanted to try something mundane and downright ordinary. We were inspired by the American Office Park. How could we take a characterless glass 14 story tower and do nothing special? What if your family could spend a night in someplace totally forgettable?” imagineer John told us.
The result is a forgettable tower that tells the story of “Oak Way” - an office Park where families and couples can wonder at the lack of wonder.
Imagineers have worked diligently to capture details that tells the shallow story: reflective glass, geometric shapes, tan rooms, a coffee machine and toilets.
Expect the newest Disney Resort to capture imaginations, then kill them, sometime in 2020.
Disney’s legendary imagineers revealed the inspiration and concept of Disney World’s latest resort on a sliver of land between an access road and the highway.
“After having taken families to Africa, turn of the century America, the great outdoors - we wanted to try something mundane and downright ordinary. We were inspired by the American Office Park. How could we take a characterless glass 14 story tower and do nothing special? What if your family could spend a night in someplace totally forgettable?” imagineer John told us.
The result is a forgettable tower that tells the story of “Oak Way” - an office Park where families and couples can wonder at the lack of wonder.
Imagineers have worked diligently to capture details that tells the shallow story: reflective glass, geometric shapes, tan rooms, a coffee machine and toilets.
Expect the newest Disney Resort to capture imaginations, then kill them, sometime in 2020.
Last edited:
Bocabear
Well-Known Member
HYSTERICAL!!! because it's true....
danlb_2000
Premium Member
More details on the new hotel, called "The Cove"...
https://www.wftv.com/news/local/see...ey-world-s-swan-and-dolphin-resorts/879413216
https://www.wftv.com/news/local/see...ey-world-s-swan-and-dolphin-resorts/879413216
Rteetz
Well-Known Member
The theme of this hotel is generic hotel.
jt04
Well-Known Member
Oh look. Right again.