Hotel roundup: Foreclosure in Fort Lauderdale, renovation in Sunrise

Holiday Inn in Sunrise getting facelift and new name: Sawgrass Grand
February 09, 2015 10:35AM

Westin Fort Lauderdale and Holiday Inn Sunrise

Holiday Inn & Suites Sawgrass Mills

A Holiday Inn in Sunrise, which was purchased in December, is getting a facelift and a new name: Sawgrass Grand.

Carmichael Hospitality Partners, the South Florida-based company which purchased the hotel, plans to put $5 million in renovations into the property.

The Holiday Inn & Suites Sawgrass Mills was sold by Beverly Hills-based Latitude Management in December for $10.5 million.

The 291-room hotel at 3003 North University Drive will stay open during renovations, the Sun Sentinel reported.

Commons areas, the pool, patio and landscaping will all be upgraded. Renovations are slated to be complete in June.

Westin Fort Lauderdale 

The Westin Fort Lauderdale hotel will be put up for auction after its owner lost a $47.9 million foreclosure judgment.

U.S. Bank won the judgment against owners, The Procaccianti Group, on Friday. The bank sued over a $40.5 million mortgage, plus interest and fees.

The hotel has been in foreclosure since 2013 due to a delinquent loan.

Procaccianti purchased the 293-room hotel at 400 Corporate Drive for $40.5 million in 2007, the South Florida Business Journal reported.

The hotel’s net income fell steadily over the years, as did occupancy rates. The judge has not scheduled a foreclosure auction yet.

[Sun Sentinel, South Florida Business Journal] — Sean Stewart-Muniz