Citi lends $28M to Hilton Garden Inn, Holiday Inn Express
Citigroup Global Markets Realty Corp. granted mortgages to two limited-service hotels in South Florida recently: a Hilton Garden Inn in Miramar and a Holiday Inn Express in Doral.
Schulte Hospitality owns both properties, according to Broward and Miami-Dade records.
The Hilton Garden Inn Fort Lauderdale/SW Miramar, at 14501 Hotel Road in Miramar, landed a $15.2 million loan. Schulte paid $22 million for the 149-key hotel in June. Citi granted to loan to the owner and Starwood Capital Group, which operates the property.
Schulte, a Kentucky-based hospitality group, also took a $12.8 million loan on the 103-room Holiday Inn Express at 8346 Northwest 36th Street in Doral. The company acquired the property in June as well for $16 million.
Schulte owns and operates hotels across the United States, such as Springhill Suites, Residence Inn, Courtyard and Sheraton.