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Joint venture scores construction loan for Marriott hotel in Coconut Creek
$21M project calls for 105-room Residence Inn by Marriott
Miami-based Morlin Hospitality Group and its partner Butters Construction and Development just scored $15.5 million to build a Residence Inn by Marriott in Coconut Creek.
Property records show Mercantil Bank issued two construction loans to Coconut Creek Hotel M-R1 for $10.12 million loan and $5.38 million. The financing is for a 1.75-acre lot at 5730 North State Road 7. The joint venture paid $2.37 million for the land in 2017. Seth Fellman, who heads Morlin Hospitality Group, planned to break ground in 2016 but was delayed in permitting, according to the Sun Sentinel.
The $21 million development calls for a six-story hotel with 105 rooms equipped with kitchenettes, a pool, fitness center and laundry facilities.
Morlin also developed the 105-room Hampton Inn & Suites hotel next to the development site, at 5740 North State Road 7. That hotel opened in 2014.
Coconut Creek-based Butters is also partnering with the Bristol Group on the University Place office building in Coral Springs.