Hodges Ward Elliott (“HWE”) has been exclusively engaged by Clearview Hotel Capital (the “Sponsor” or “Borrower”) to obtain up to a $25 million fixed or floating rate loan (the “Loan”) at the best available terms to refinance the 167-key Bilmar Beach Resort (the “Hotel” or “Property”). The Hotel is optimally situated at 10650 Gulf Blvd, right on the Gulf of Mexico in Treasure Island Beach, Florida.
The Bilmar Beach Resort is comprised of three abutting structures: the Beaches Building, Shells Building, and Palms Building, which opened in 1961, 1966, and 1974, respectively. The property operates as a condominium hotel, with the Sponsor owning 124 keys and maintaining effective control of the condominium association, enabling centralized management and consistent hotel operations. The Sponsor’s cost basis in the Hotel is approximately $50 million, inclusive of $12 million in capital deployed in 2025 to renovate the property following Hurricane Helene.
As of February 2026, the Hotel generated $3,008,750 of NOI, equating to a 12.0% debt yield on requested loan proceeds at 50% LTC. Loan proceeds will be used to retire existing debt, cover closing costs, and return equity to the Sponsor.
PROPERTY SUMMARY
| Address: |
10650 Gulf Blvd Treasure Island Beach, FL 33706 |
| Keys: | 167 |
| Sponsor Owned Keys: | 124 |
| Year Built: | 1961 / 1966 / 1974 |
| Year Renovated: | 2025 |
| Submarket: | Tampa |
| Amenities: |
|
| Parking: | 241 Parking Spaces |
| Interest Conveyed: | Fee Simple |
| Sponsor: | Clearview Hotel Capital |
| Management: | Dolphin Hotel Management |
| Labor: | Non-union |
LOAN REQUEST
| Total Loan Amount: | $25,000,000 |
| Total Loan Amount Per Key: | $149,701 |
| Loan Amount Per Owned Key: | $201,613 |
| February 2026 T-12 NOI: | $3,008,750 |
| Debt Yield: | 12.0% |
| Term: | 3-5 Years |
| Interest Rate: | Best Available Floating Rate |
| Amortization: | Maximum Available Interest-Only Term |
| Prepayment: | Best Available |
| Recourse: | Non-recourse preferred |
SOURCES OF CAPITAL
| Sources | Total | % of Total | Per Key1 |
|---|---|---|---|
| Financing | $25,000,000 | 100.0% | $201,613 |
| Total Sources | $25,000,000 | 100.0% | $201,613 |
USES OF CAPITAL
| Uses | Total | % of Total | Per Key |
|---|---|---|---|
| Pay Off Existing Debt | $20,500,000 | 82.0% | $165,323 |
| Closing Costs | $1,000,000 | 4.0% | $8,065 |
| Sponsor Cash Out | $3,500,000 | 14.0% | $28,226 |
| Total Uses | $25,000,000 | 100.0% | $201,613 |
HISTORICAL AND PROJECTED LOAN PERFORMANCE
| Historical | Forecast | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2023 | 2024 | 2025 | February 2026 T-12 | Year 1 2026 |
Year 2 2027 |
Year 3 2028 |
Year 4 2029 |
Year 5 2030 |
|
| NOI | $4,714,250 | $4,016,540 | $3,166,670 | $2,811,620 | $3,008,750 | $3,151,270 | $3,364,126 | $3,461,051 | $3,681,307 | $3,822,459 |
| Debt Yield2 | 18.9% | 16.1% | 12.7% | 11.2% | 12.0% | 12.6% | 13.5% | 13.8% | 14.7% | 15.3% |
| DSCR (I/O) at 7.0% Interest Rate | 2.69x | 2.3x | 1.81x | 1.61x | 1.72x | 1.8x | 1.92x | 1.98x | 2.1x | 2.18x |
Investment Highlights
Irreplaceable Gulf-Front Location - Direct beachfront positioning on Treasure Island with unobstructed Gulf views and significant barriers to new supply, supporting long-term demand and pricing power.
Control of Condo Inventory and Operations - Sponsor ownership of 124 units and control of the condominium association enables centralized hotel operations, mitigating typical condo-hotel fragmentation risk.
Transformational Capital Program Completed - Over $15MM invested since 2021, including a comprehensive post-hurricane redevelopment in 2025, materially upgrading guest rooms, building systems, and amenities. Significant investment in HVAC, elevators, roofs, and infrastructure positions the asset with limited near-term capital.
Stable Leisure-Driven Demand Profile - Predominantly transient leisure mix supported by year-round tourism and drive-to demand.
Destination Food & Beverage Offering - On-site Sloppy Joe’s restaurant and bar serves as a high-traffic beachfront venue, enhancing guest experience and generating incremental revenue.
Suite-Oriented Product with Extended-Stay Appeal - Mix of studios and one-bedroom units with kitchenettes supports longer length of stay.
Strong Institutional Sponsorship - Backed by Clearview Hotel Capital, a proven hospitality investor with demonstrated ability to execute capital programs and drive operating performance.
Sponsor Overview
Clearview Hotel Capital is a hotel investment company founded in 2007 in Newport Beach, California. Clearview focuses on acquiring, renovating, and managing hotels in urban and unique locations. Since 2007, Clearview has acquired interests in $2.1 billion of hotels containing over 18,000 rooms and completed over $200 million of renovations. Clearview has invested in a variety of existing hotels, including branded and boutique hotels through investments in single assets and portfolios. These investments have spanned a range of structures including purchases as well as preferred/mezzanine loans and mortgages.
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Manager Overview
Dolphin Hotel Management, a wholly owned subsidiary of Clearview Hotel Capital, is a hospitality management company based in Newport Beach, California that provides hotel management, restaurant management, project management, and commercial strategy services across a range of branded and independent hospitality assets. The company currently manages a portfolio of seven hotels and offers operating solutions for assets in urban, suburban, and resort locations, with experience spanning boutique, full-service, and select-service properties.
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