Developer Charles Cohen closed on an additional $22.3 million in financing for the redevelopment of the former Sheraton hotel in Dania Beach.
Property records show Cohen Dania Beach Hotel LLC boosted its loan to $75 million, up from $52.7 million in 2016. Fortress Investment Group, a private equity firm based in New York, is the lender. Fortress was acquired by SoftBank Group last year for $3.3 billion in cash.
The 245-room Le Méridien Fort Lauderdale Airport at 1825 Griffin Road is slated to open next year, according to its website. The hotel is part of Cohen’s Design Center of the Americas, a 40-acre, 800,000-square-foot design and office campus off of I-95 near Fort Lauderdale.
The Le Méridien will feature an expanded fitness center, renovated outdoor pool, 20,000 square feet of flexible meeting space and two redesigned restaurants. Nichols Brosch Wurst Wolfe & Associates is the architect.
The Cohen Brothers Realty Corp. affiliate paid $34.3 million for then 250-room hotel in 2014 and closed the Sheraton two years ago. Cohen is president and CEO of the company, which owns and manages more than 12 million square feet of office space and design centers across the country.