STONEHILL, AN AFFILIATE of Peachtree Hotel Group, recently assisted in Gulf Breeze, Florida-based Innisfree Hotels’ debt restructuring for its Hampton Inn & Suites Panama City Beach in Panama City, Florida. Peachtree Hotel Group is led by Mitul Patel, Jatin Desai and Greg Friedman.
Stonehill provided equity capital for Innisfree’s debt and equity restructuring on the 182-room beachside property. Innisfree retained ownership of the hotel, which it developed and opened in 2017, along with some new partners.
The Hampton Inn is across the street from Gulf World Marine Park and half a mile from Pier Park.
“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, Alabama, and Innisfree Hotels as an owner-operator,” said Innisfree President and CEO Ted Ent.
Stonehill Principal Mat Crosswy said the company’s association with Innisfree has been very profitable.
“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,” Crosswy said.
Peachtree Hotel Group also has recently made several investments in Opportunity Zones. Opportunity Zones are typically low-income or distressed areas designated by state governments under federal guidelines in which companies are offered tax incentives to provide long-term private capital investment, according to economic advisory group Smart Growth America.