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

Miami /
Jun.June 10, 2019 11:30 AM
AC Hotels in Sunrise

AC Hotels in Sunrise

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.


Related Articles

arrow_forward_ios
Genet Property Group President Ben Genet and the building (Genet, LinkedIn via Genet)
Genet Property Group sells Sunrise industrial building for $5M
Genet Property Group sells Sunrise industrial building for $5M
Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
Longpoint Realty buys three Sunrise warehouses for $17M
Longpoint Realty buys three Sunrise warehouses for $17M
Longpoint Realty buys three Sunrise warehouses for $17M
David Grutman and Pharrell’s Goodtime Hotel in South Beach scores $164M refi
David Grutman and Pharrell’s Goodtime Hotel in South Beach scores $164M refi
David Grutman and Pharrell’s Goodtime Hotel in South Beach scores $164M refi
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
The Fairwind Hotel and Joseph Chetrit (Getty, Fairwind)
Chetrit Group sells Miami Beach hotel for $42M
Chetrit Group sells Miami Beach hotel for $42M
arrow_forward_ios

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

Loading...