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South Florida

Marriott Boynton Beach nabs construction loan

Marriott TownePlace Boynton Beach
Marriott TownePlace Suites Boynton Beach

A Marriott TownePlace Suites in Boynton Beach landed $11.3 million in construction financing, HFF announced on Monday.

City National Bank of Florida granted the loan to the developer, North Boynton Beach Hospitality for the 2.73-acre site in Palm Beach County.

The 116-room hotel will be located north of the Boynton Beach Mall, near I-95 and the Florida Turnpike. The TownePlace Suites will include studio rooms, one-bedroom and two-bedroom suites with kitchens and flexible spaces, a market, pool, gym and putting green.

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HFF’s Mike Kavanau, Elliott Throne and Alexandra Lalos arranged the financing, according to a press release.

“It is an exciting time for the lodging market in Palm Beach County,” Lalos said in statement. “With an increasing amount of retail, office and residential development in Boynton Beach, the sponsorship has identified solid demand for new hotel development.”

It’s scheduled to open later this year.

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