Jones Lang LaSalle Inc. $(JLL)$ has successfully arranged a $54 million refinancing deal for Baron's Cove, a luxury boutique hotel situated in Sag Harbor, New York. The refinancing, secured by JLL's Hotels & Hospitality Group on behalf of a partnership between Blue Flag Capital and Bain Capital Real Estate, involves a three-year, floating-rate loan through Blue Owl Capital-managed funds. The funds will be utilized for a comprehensive renovation project beginning in October 2025, aimed at transforming guest rooms, public spaces, and exterior areas, as well as introducing new food and beverage concepts. Additionally, the financing will address employee housing needs, crucial in the high-cost Hamptons market. This strategic move underscores the resilience of the Hamptons hotel market and JLL's continued leadership in hotel and hospitality real estate advisory services.
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