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

TRD MIAMI /
Oct.October 21, 2018 10:00 AM

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.

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


Related Articles

arrow_forward_ios
One Sotheby’s names SVP of marketing

One Sotheby’s names SVP of marketing

One Sotheby’s names SVP of marketing
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
Karen Elmir, Camilo Franco, and Caitlyn Henderson

Movers & Shakers: Elmir Group launches CRE division, Pablo Alfaro team grows

Movers & Shakers: Elmir Group launches CRE division, Pablo Alfaro team grows
Sawgrass International Corporate Park

Brookdale buys back Sawgrass Park portfolio for $80M

Brookdale buys back Sawgrass Park portfolio for $80M
Paseo de la Riviera and Industrious CEO Jamie Hodari  

Industrious to open at Paseo de la Riviera in Coral Gables

Industrious to open at Paseo de la Riviera in Coral Gables
Daniel Crann and Timothy Peterson (Credit: iStock)

Movers & Shakers: Colliers taps development services head, Altman promotes COO & more

Movers & Shakers: Colliers taps development services head, Altman promotes COO & more
Steven Hurwitz and Doug Okun

Former CREC brokers join JLL as managing directors

Former CREC brokers join JLL as managing directors
State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center
arrow_forward_ios

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

Loading...