The Real Deal Miami

Boca Raton Resort loan in special servicing

April 17, 2011 11:40PM

An $800 million loan that underlies three resorts in South Florida,
including the Boca Raton Resort & Club, has entered special
servicing. “We want to get it extended and there is no danger of this
loan defaulting,” said Peter Rose, a spokesperson for the Blackstone
Group, which is looking to obtain an extension on the loan that also
covers the Hyatt Regency Pier 66 hotel and the Bahia Mar Resort and Yachting Center, both in Fort
Lauderdale. Blackstone bought the hotels in 2004 from Boca Resorts,
which was controlled by Wayne Huizenga. [SFBJ]