Key International scores construction loan for new Fort Lauderdale Beach hotel

The 10-story hotel will have 171 rooms

TRD MIAMI /
May.May 31, 2019 04:30 PM
AC Hotels by Marriott in Fort Lauderdale and Inigo Ardid

AC Hotels by Marriott in Fort Lauderdale and Inigo Ardid

Key International scored a $43 million construction loan for a new hotel near Fort Lauderdale Beach.

The loan from Banco Sabadell will fund the construction of a 10-story, 171-room AC Hotel by Marriott at 3029 Alhambra Street, records show.

The project has already broken ground, and construction is at the first floor, said Dan Mathason, executive vice president of development at Key International. He said the hotel should be completed in 2020.

The Miami-based firm acquired the development site as a three-parcel assemblage for $9.56 million in July 2016, records show.

AC Hotels was founded in Spain. In 2011 Marriott International and AC Hotels formed a joint venture to launch AC Hotels by Marriott. It has locations in Miami Beach, Aventura and Miami. This will be the first AC Hotel by Marriott in Fort Lauderdale.

The Spanish-style brand is known for its sleek designs and art work in its hotels, which are geared for generation Y customers, according to its website.

Midtown Lodging 2 LLC, an affiliate of Aztec Group and Tennessee-based 3H Group, is currently developing a 153-room AC Hotel in Miami’s Edgewater neighborhood at 3400 Biscayne Boulevard.


Related Articles

arrow_forward_ios
Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

The LaLanne exhibit at The Real Deal’s event in October

Michael Shvo to unveil tropical gardens with LaLanne exhibit at the Raleigh

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Hotel Morrison (Credit: iStock)

Hospitality firm buys new Hotel Morrison in Dania Beach for $28M

John Lancet of HVS and John Chang of Marcus Millichap

As hotel development ramps up, occupancy and revenue growth soften: report

Rendering of the Edgewater Holiday Inn pool

Bank OZK lends $28M for Holiday Inn project in Edgewater

The Julia hotel, Jesper Arnoldsso

SMS Lodging lists Miami Beach hotel after selling another for $21M

From left: Stambul’s Daniel Peña, Hotusa Group's Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

Hotusa Hotels buys the redeveloped Langford for $37M

arrow_forward_ios