New Comfort Suites in Miami Springs secures $15M construction loan
The hotel is among several sprouting up near Miami International
The developers behind a planned 120-key Comfort Suites hotel in Miami Springs scored a $15.2 million construction loan for the project. The hotel is among a few set to go up near Miami International Airport.
Developers Steven Marin and Michael Pfeffer want to build an eight-story Comfort Inn & Suites at 665 Mokena Drive, right along Northwest 36th Street, according to a news release. The area has seen a recent uptick in activity from hotel investors and developers.
Records show an entity led by Marin bought the 32,100-square-foot property in 2015 for about $2.1 million.
TotalBank was the lender, and financing was arranged by Boaz Ashbel of Miami-based Aztec Group.
Marin and Pfeffer own and operate several hotels in South Florida, including a nearby 102-key Comfort Suites hotel at 657 Minola Drive.
Construction of the Comfort Suites, which is just north of Miami International Airport, is set to be completed by mid-2019.
Amenities include complimentary breakfast, a fitness facility, a swimming pool and meeting space. There will also be a retail component. It will be managed by Travelers Hotel Group, which is also led by Marin and Pfeffer.
Nearby a new Wyndham hotel is under construction. In November, an entity led by developer Salvatore Natoli secured a $17.7 million construction loan to build the 10-story, 150-key project at 4909 Northwest 36th Street.
Another hotel to sprout near the airport includes Riviera Point Development Group’s Radisson Red hotel at 3450 Northwest 25th Street. – Amanda Rabines