Citi lends $28M to Hilton Garden Inn, Holiday Inn Express

Miami /
Jul.July 15, 2015 12:00 PM

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.


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