Madison Newbond Lends $43M on Maryland Beachfront Hotel

A joint venture between Certares Real Estate Management and Monomoy Property Ventures has landed a $43 million loan to refinance a newly renovated hotel in Ocean City, Md., Commercial Observer has learned.

Madison Newbond, a hospitality lending platform launched in 2021 by Madison Realty Capital and Newbond Holdings, provided the senior mortgage on the 250-room Ashore Resort & Beach Club. Certares and Monomoy acquired the hotel previously known as Ocean City Fontainebleau Resort in 2022 and completed renovations before it opened in 2023. 

Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement that the loan demonstrates Madison Newbond’s ability to execute financing for hospitality owners “in high barrier to entry hospitality markets.” He added that Ashore, with its oceanfront setting at 10100 Coastal Highway, is “poised to be an unparalleled resort for visitors in a supply-constrained market.”

Neil Luthra, founding partner at Newbond, said in a statement that the firm looks “forward to furthering our relationship with the Madison team by identifying and executing on behalf of experienced and well-capitalized borrowers like Certares Real Estate Management and Monomoy Property Ventures.”

Ashore Resort & Beach Club’s amenities include an outdoor swimming pool, a fitness center, a business center and 34,600 square feet of indoor meeting and event space. The property is operated by HEI Hotels & Resorts. 

Officials at Certares Real Estate Management and Monomoy Property Ventures did not immediately return requests for comment. 

Ashore Resort was in the national spotlight earlier this month when TikTok star Baylen Dupree, known for raising awareness about the neurological disorder Tourette syndrome, was proposed to at the hotel by longtime boyfriend Colin Dooley in the season finale of her TLC reality series “Baylen Out Loud” that aired March 10.

Andrew Coen can be reached at acoen@commercialobserver.com