The Real Deal Miami

Developers score $12M financing for Pompano hotel

Inn will have 102 rooms and pool
The development site at 940 South Federal Highway

The development site at 940 South Federal Highway in Pompano Beach

Hotel developers Sanjaykumar and Sadhanaben Patel just nabbed $12.4 million in financing for a new Pompano Beach Hampton Inn.

Apollo Bank issued the finds to a Patel-controlled company called PB1 Hotels, which is based in Fort Lauderdale. The loan covers the redevelopment of a closed-down car dealership at 940 South Federal Highway that sits on 1.67 acres of unused land.

Broward County property records show the Patels picked up the property for $1.78 million in April 2014 — a price equating to $24 per square foot.

Now flush with financing, the duo has filed notice with the county to begin construction on a 102-room Hampton Inn Hotel. County documents Fort Lauderdale-based GSD Contracting will build the seven-story hotel and its pool.

Hampton is a trademarked mid-priced brand from Hilton Worldwide. In recent months, Miami Beach got its first ever Hampton by Hilton after the successful redevelopment of a 1940s-era hotel previously owned by the Claremont Companies.

A new Marriott-branded hotel is also planned for Pompano Beach. In October, MCR Development, a major U.S. hospitality group, nabbed $12.66 million in construction financing for the hotel, to be built on waterfront vacant land at 2880 Center Port Circle. The loan was issued by U.S. Bank.