Miami-based firm buys Clearwater Beach hotel with $50M loan from SunTrust Bank

Key International acquired a 255-room hotel bearing two Marriott brands, Residence Inn and Springhill Suites, the first dual-brand property in the firm's hotel portfolio

Residence Inn and Springhill Suites hotel in Clearwater Beach (Credit: CommercialObserver.com)
Residence Inn and Springhill Suites hotel in Clearwater Beach (Credit: CommercialObserver.com)

Miami-based Key International financed its acquisition of a dual-brand hotel in Clearwater Beach with a $50 million loan from SunTrust Bank.

Key International used the bank loan to acquire a seven-story, 255-room hotel bearing two Marriott brands, Residence Inn and Springhill Suites.

It is the first dual-brand property in Key International’s portfolio of hotels. The Miami-based firm has managed the Clearwater Beach hotel since it opened last year.

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The seller was Clearpoint Lodging. Terms of the transaction were not disclosed.

The property’s Residence Inn has 140 rooms, each featuring a full-size kitchen and dining bar, and the Springhill Suites has 115 suites.

Located at 309 Coronado Drive in Clearwater Beach, the dual-brand hotel also has 7,253 square feet of ground-floor retail space.

Leslie Ann Maduro, a senior vice president of SunTrust, said in a prepared statement that Clearwater Beach “is one of the top 10 hotel markets in the United States.” [CommercialObserver.com]Mike Seemuth

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