The Real Deal Miami

Sage boosts loan to $14M for Fort Lauderdale hotel expansion

Planned expansion will more than double hotel's rooms
Holiday Inn Express at 1500 Southeast 17th Street

Holiday Inn Express at 1500 Southeast 17th Street

Updated May 12 6:14 p.m.: Sage Hospitality LLC has taken out a $14.13 million loan for its expansion of a Holiday Inn Express in Fort Lauderdale near the Lauderdale Harbours.

County records show the loan is secured by an existing 72-room hotel at 1500 Southeast 17th Causeway, which Sage purchased for $7.62 million in 2009. Ocean Bank is the lender.

On Wednesday, Sage also filed a notice of commencement with the county that stated it’s more than doubling the hotel’s space with a 76-room expansion. Seawood Builders is handling construction.

Sage is headed by Sunil and Usha Patel of Davie, according to state corporate records. The company is separate from Denver-based Sage Hospitality, though the two share the same name.

The five-story hotel was built in 1997 and has traded hands only once, two years later, before coming under the Patels’ ownership.