The capital arm of commercial brokerage Marcus & Millichap arranged a $17.4 million loan for two South Florida hotels.
The loan is secured by a 145-room Clarion Inn in Fort Lauderdale and a 183-room Ramada hotel in Boca Raton.
Robert Bhat, a director in the Miami office of Marcus & Millichap Capital Corp., arranged the debt placement for both hotels.
“The properties have been renovated and reflagged by an experienced hotel developer/operator,” Bhat said in a prepared statement. “The outlook for well-located limited service hotels in these two submarkets continues to be strong and the economy statewide is on firm footing.”
The Clarion Inn is one mile from the Fort Lauderdale beach and a half mile from the Galleria at Fort Lauderdale shopping mall. Nearby attractions include the Classic Gateway Theatre, George English Park, Holiday Park, the War Memorial Auditorium, and the Bonnet House Museum & Gardens.
The Ramada in is located off Interstate 95 near downtown Boca Raton, within a few miles of Delray Beach and Deerfield Beach. Arvida Corporate Park, Spanish Park, Florida Atlantic University, Mizner Park, and the Morikami Museum and Japanese Gardens are nearby.