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