Destin, FL- Edgecap Partners II LLC, an affiliate of Edgewater Group LLC, is pleased to announce the acquisition of the Sleep Inn located in Destin, FL by EC Hospitality LLC, a wholly owned subsidiary of Edgewater Valley Forge Fund II LP. The Sleep Inn is in walking distance to Miramar Beach and directly across the street from Silver Sands Premium Outlet, the area’s largest Outlet Mall, with over 110 designer and brand name outlet stores and restaurants.
The Sleep Inn includes 77 guest rooms in multiple layouts to choose from. Additional amenities at the hotel include a relaxing outdoor pool, high-speed wireless internet and for your convenience a complimentary self-service hot breakfast available seven days a week.
The property was acquired for $6,500,000. Financing was provided by Capital City Bank. Debt placement was arranged by Alison Williams, Vice President of Walker & Dunlop.
Founded in 2008, Edgewater is a boutique multidisciplinary real estate firm that provides distressed advisory, management and value-add investment services. Edgewater’s unique focus is on the micro and middle market segments in secondary and tertiary locations in the United States