AC Hotel next to Sawgrass Mills nabs $29M construction loan
It will be the first new hotel built in Sunrise in at least 15 years
One of South Florida’s busiest malls is about to get a new hotel.
Simon Property Group and Norwich Partners scored a $28.5 million loan from Wells Fargo to build an eight-story, 170-room hotel next to the Sawgrass Mills outlet mall in Sunrise. The hotel will be part of the AC Hotels by Marriott brand.
The hotel will be built at 1870 Sawgrass Mills Circle, records show. The project was approved in July 2017 by the Sunrise City Commission.
It will be the first new hotel built in Sunrise in at least 15 years.
Sawgrass Mills, owned by Simon Property Group, is one of the most valuable malls owned by real estate investment trusts in the country. According to a report last year, the mall brings in $1,149 per square foot and is worth $4.1 billion.
AC Hotels was founded in Spain. In 2011 Marriott International and AC Hotels formed a joint venture to launch AC Hotels by Marriott. The Spanish-style brand is known for its sleek designs and artwork in its hotels, which are geared toward millennial customers, according to its website. It has locations in Miami Beach, Aventura and Miami, and a new one is planned for Fort Lauderdale.
Miami-based Key International recently scored a $43 million construction loan to the Fort Lauderdale hotel.