MCR Development, a major U.S. hospitality group, just nabbed $12.66 million in construction financing for a new Marriott-branded hotel in Pompano Beach.
The loan was issued by U.S. Bank, and it covers a chunk of waterfront vacant land at 2880 Center Port Circle. MCR acquired the site, which measures roughly 2.35 acres, for an unknown amount Monday, according to Broward County property records.
Mortgage documents show that MCR plans to build a Residence Inn by Marriott with 112 rooms. Further details about the building, like its amenities or when it will be built, are not yet known.
According to the company’s website, MCR is the seventh-largest hotel owner and operator in the United States. It has a portfolio of 87 hotels spread across 23 states, with a value of roughly $2 billion. This will be MCR’s first hotel in South Florida. It currently owns a Courtyard by Marriott in Jacksonville and Hampton Inn & Suites in St. Augustine.
The site where MCR plans to build its new hotel was formerly owned by a joint venture between SPIH Pompano Beach and SPI DSEA Pompano Beach. The first was managed by SPI Hospitality in Texas, while the second was linked to SPI Holdings in San Francisco. They paid $2.9 million for the vacant land in 2008.
A year later, the two companies merged under SPIH Pompano Beach. Corporate records show that company was later renamed RIPB in 2015, and principals of MCR were brought on as managing members.
It’s unclear what happened behind the scenes with SPI Hospitality and MCR, but ownership has been shifted in favor of MCR.