MCR scores $13M loan for new Pompano hotel

Miami /
Oct.October 02, 2015 01:30 PM

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.


Related Articles

arrow_forward_ios
Shlomo Khoudari and Justin Bennett with 3141 Southwest 10th Street in Pompano (Google Maps)

Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center

Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Christopher Longsworth and Josh Zegen, with Envy is at 475 SE 1st St, Pompano Beach

Invesca lands $50M refi on Pompano Beach apartments

Invesca lands $50M refi on Pompano Beach apartments
Mark Corlew, Anuj Grover, and a rendering of Pompano Station

Grover Corlew’s Pompano Beach multifamily project advances

Grover Corlew’s Pompano Beach multifamily project advances
Rendering of The Ocean Six Terraces (Credit: Rex Nichols Architects)

Canadian developers launch sales of oceanfront townhouse project in Pompano Beach

Canadian developers launch sales of oceanfront townhouse project in Pompano Beach
Michael Wohl & site plans

Affordable housing developers plan Pompano Beach townhouse project

Affordable housing developers plan Pompano Beach townhouse project
Edgardo Defortuna and the site (Courtesy of Fortune)

Fortune International Group buys waterfront Pompano Beach site for $28M

Fortune International Group buys waterfront Pompano Beach site for $28M
Nick Pérez and Solemar (Courtesy of Related)

Related Group launches sales of first SoFla condo project since 2016

Related Group launches sales of first SoFla condo project since 2016
David Cordish and renderings of Isle Casino (Cordish Companies, city of Pompano Beach)

Sign of the times: Developers want to add industrial to redevelopment of Pompano casino

Sign of the times: Developers want to add industrial to redevelopment of Pompano casino
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...