Developers close on $21M construction loan for AC Hotel in Edgewater

It’s being co-developed by an Aztec Group affiliate and 3H Group

Miami /
Apr.April 20, 2018 04:30 PM

Rendering of AC Hotel by Marriott in Midtown and Aztec Group’s Boaz Ashbel (Credit: Aztec Group)

An AC Hotel by Marriott will soon go vertical in Miami’s Edgewater neighborhood.

Property records show a company tied to Aztec Group’s Boaz Ashbel just scored a $21.3 million construction loan for the hotel development, set to rise on the former Midtown Inn Miami site at 3400 Biscayne Boulevard, near the Julia Tuttle Causeway.

Midtown Lodging 2 LLC, an affiliate of Aztec and Tennessee-based 3H Group, is developing the 153-room hotel, Ashbel said. Hemant Patel’s Arti Hersi Inc. also owns a stake in the project.

The company paid $1.25 million for the 18,700-square-foot lot in January, and knocked the building down shortly after. The developers plan to go vertical in May, according to Ashbel. The property is a few blocks away from the Shops at Midtown Miami and the Design District.

Kobi Karp is designing the seven-story hotel, which will feature a restaurant and bar, a rooftop pool, fitness center and meeting rooms. It will also share a 217-space parking garage with the adjacent Hampton Inn & Suites Miami Midtown.

Marriott acquired the AC brand from a Spanish development company, and the brand has opened properties in Miami Beach and Aventura with hotels planned for Sunrise, West Palm Beach and other South Florida cities.


Related Articles

arrow_forward_ios
From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
David Edelstein, partners buy Midtown Miami dev site, plan office tower
David Edelstein, partners buy Midtown Miami dev site, plan office tower
PR Group Florida's Christophe Petit and Julien Ridon and Octavio Maza with 423 Northeast 27th Street (Vendôme Capital, Porosoff Group, Google Mpas, iStock)
Vive la Miami: French developer acquires Edgewater site for $15M for first U.S. project
Vive la Miami: French developer acquires Edgewater site for $15M for first U.S. project
Rendering of Two Roads Development’s planned 3-tower redevelopment of the Biscayne 21 condo property in Miami with Taylor Collins of Two Roads Development (Two Roads Development)
Two Roads plans bulk purchase of bayfront Miami condo building, to replace with luxury towers
Two Roads plans bulk purchase of bayfront Miami condo building, to replace with luxury towers
Madison Realty Capital’s Brian Shatz, Josh Zegen and Diana Group's Jaime Murra with 430 Northeast 31st Street (Concordia, Google Maps)
Colombian developers score $55M construction loan for Edgewater apartment project
Colombian developers score $55M construction loan for Edgewater apartment project
Broker Miguel Pinto with developers Toby Moskovits, and Harvey Hernandez, who all have projects planned in Greater Downtown Miami (APEX Capital Realty, Moskovits via Sasha Maslov, iStock)
As dev site prices soar in Miami, buyers play a “dangerous game”
As dev site prices soar in Miami, buyers play a “dangerous game”
Rüger Holding KG’s René Gerdom with 3300 N. Miami Avenue and 20 Northwest 34th Street (Marcus & Millichap, Tricap, Zillow, iStock)
German firm picks up Midtown Miami retail properties for $23M
German firm picks up Midtown Miami retail properties for $23M
 Rendering of Nema Miami with Russell Galbut and Bruce Menin (Crescent Heights)
Russell Galbut’s Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project
Russell Galbut’s Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...