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.