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.