FORT LAUDERDALE, Fla. - Nov. 1, 2017 – Greenberg Traurig, P.A. Fort Lauderdale Real Estate Shareholder Dan McCawley represented Bank United in its $34 million loan to TPG Hotels & Resorts for the $47.4 million purchase of the Postcard Inn On The Beach at 6300 Gulf Blvd. in St. Petersburg Beach, Florida.
The loan includes several million dollars that will be used for upgrades to the 196-room Art Deco property. TPG closed on Oct. 19 on the purchase of Postcard Inn from The Carlyle Group.
McCawley had also represented Bank United in connection with a loan to The Carlyle Group, who originally purchased the property in 2015 for $32.5 million.
“The Carlyle Group made significant enhancements to the Postcard Inn and the time was right for its sale to TPG Hotels, which has plans to continue to improve the property and take the guest experience to the next level,” said McCawley, who was assisted by Greenberg Traurig Associate Stephanie L. Stein in the transaction. “The sale clearly demonstrates that Hurricane Irma hasn’t scared investors away from purchasing beachfront property; the market remains strong due to its limited supply.”
McCawley focuses his practice on real estate matters. He has broad experience in the sale, purchase and leasing of commercial and residential properties including shopping centers, office buildings, industrial warehouses, apartment complexes, restaurants, golf courses, hotel projects and undeveloped land. His practice also includes acting as lending counsel for several banks, structuring joint ventures and partnerships and the negotiation of construction contracts and land use agreements. McCawley’s representative experience includes loan workouts, lease workouts, distressed real estate investments, and the acquisition and disposition of distressed loan portfolios.
Boston-Based TPG Hotel & Resorts is a fully accredited operator and developer of the industry’s most respected brands, including Accor, InterContinental, Hilton, Hyatt, Marriott, Starwood and Wyndham that together represent over 40 hotel flags. With over 60 hotels and nearly 18,000 guestrooms currently under management coast to coast, TPG Hotels & Resorts is recognized throughout the industry as a leader in performance, service and quality.
The Carlyle Group, which is based in Washington, D.C. is one of the world’s largest and most diversified alternative asset management firms. The company manages 299 investment vehicles that invest across four segments, 10 core industries and six continents.
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