The developer of the planned Le Meridien in Dania Beach boosted its loan to $52.7 million, records show.
Fortress Credit Co. is the lender. The loan was originally $20 million, with the developer taking out an additional $32.7 million on Monday.
Charles S. Cohen is partnering with Starwood to redevelop and rebrand the Sheraton airport hotel at 1825 Griffin Road into a Le Meredien, a project that’s expected to cost $30 million, according to an April announcement.
The redevelopment will include two redesigned restaurants, a glass curtain facade, upgrades to the porte-cochere and the installation of large-scale artwork in common areas.
Nichols Brosch Wurst Wolfe & Associates and Daniels Brothers are handling the design and construction; Dash Design will design the interiors, Nievera Williams for landscape design, and Tex Lighting will take care of lighting design, according to a press release.
The hotel will be part of Cohen’s Design Center of the Americas, a 40-acre, 800,000-square-foot design and office campus off of I-95. Le Meridien has one other hotel in Florida, and joins 17 others in the U.S., including Charlotte, Chicago, Columbus, New Orleans and Indianapolis.
Property records show an affiliate of Cohen Brothers Realty Corp. paid $34.3 million for the 250-room hotel at 1825 Griffin Road in 2014.
The Sheraton was expected to close in June. As planned, it will reopen in 2017 with 245 rooms and suites, all with floor-to-ceiling windows, an expanded fitness center, renovated outdoor pool, and 20,000 square feet of flexible meeting space.