Kolter nabs construction loan for
Delray hotel

Developer plans 150-room Courtyard by Marriott

Nov.November 20, 2017 02:00 PM

Rendering of Kolter Group’s hotel in Delray Beach (Credit: Kolter Group)

Kolter Group just closed on a $27.3 million construction loan for a new hotel in Delray Beach.

Property records show Kolter affiliate DK Delray Downtown LLC is building the four-story, 150-room hotel at 135, 145, 169, and 185 Southeast Sixth Avenue. PNC Bank is the lender.

The West Palm Beach-based development and investment firm paid about $2.9 million for the development site in 2016. It plans to break ground early next year and open the hotel by the third quarter of 2019, according to a spokesperson.

Earlier this year, a massive mixed-use development in downtown Delray finally won city approval after eight years in design and review. The $250 million project, called Atlantic Crossing, will bring 343 residential units along with 86,000 square feet of office space and 76,000 square feet of ground-floor spaces for retail stores and restaurants to Atlantic Avenue.

Kolter’s hotel will be about two blocks south of Atlantic Crossing. Scott Webb, president of Kolter Hospitality, said the company chose to build a hotel on the site because of its location and views of the ocean and Intracoastal Waterway.

The developer’s hospitality arm has four projects under development in Florida, including a Hyatt Centric in Fort Lauderdale and Alton in Palm Beach Gardens, according to its website. The Hyatt Centric will be part of Kolter’s 100 Las Olas mixed-use tower in downtown Fort Lauderdale. It will have 238 hotel rooms and 121 condos.

Related Article

From left: Jay Roberts, Keith Menin andRussell Galbut

Russell Galbut, Keith Menin ink deal with short-term rental operator Domio

Rendering of the Moxy Hotel, Pierre Charalambides and David Grutman (Credit: Kobi Karp)

Wynwood is getting its own Moxy hotel

Regency Hotel Miami (Credit: Google Maps)

Regency Miami near Beckham’s planned soccer complex trades for $26M

An aerial view of damage caused by Hurricane Dorian (Credit: Getty Images)

Tourism-dependent Bahamas sees uphill battle to rebuild hotels after Hurricane Dorian’s devastation

6747 Collins Avenue, Stefano Santoro, Miguel Pinto, Charlie Porchetto and Diego Colmenero

China City Construction site in North Beach sells to hotel developer for $40M

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

Atlantic Crossing and Pearlmark's Mark Whitt

Delray Beach’s Atlantic Crossing snags $45M investment

Daniel Lebensohn and Seabonay Beach Resort (Credit: iStock)

Seabonay Beach Resort federal lawsuit ends in $3.5M verdict