Key International scores construction loan for new Fort Lauderdale Beach hotel

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
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
Diego Lowenstein, Dayssi Olarte de Kanavos, Paul Kanavos, and Ronny Ben Josef, with The The Sagamore (Credit: The Sagamore Hotel)

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore
Pharrell, Eric Birnbaum and David Grutman with a rendering of the hotel (Getty, Linkedin, Goodtime Hotel)

Pharrell, David Grutman partner with developer to launch South Beach hotel

Pharrell, David Grutman partner with developer to launch South Beach hotel
Starwood CEO Barry Sternlicht, InTown Suites CEO Ash Kapur and 1071 NE 28th Avenue in Homestead (Getty, Google Maps)

Starwood scores $265M refi for portfolio of InTown, Uptown hotels

Starwood scores $265M refi for portfolio of InTown, Uptown hotels
Lord Balfour Hotel

Mezz lender forecloses on Ocean Drive hotel in South Beach

Mezz lender forecloses on Ocean Drive hotel in South Beach
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
Jeffrey Soffer and Fontainebleau Miami Beach (Getty)

Fontainebleau Miami Beach’s $1B loan exits special servicing

Fontainebleau Miami Beach’s $1B loan exits special servicing
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Miami Beach approves zoning change allowing for Aman tower

Miami Beach approves zoning change allowing for Aman tower
arrow_forward_ios

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

Loading...