The Real Deal Miami

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

Planned expansion will more than double hotel's rooms
By Sean Stewart-Muniz | May 12, 2016 03:00PM

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.