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

TRD 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
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
Renderings of the project

Miami Beach board approves Generator hostel/hotel expansion

Miami Beach board approves Generator hostel/hotel expansion
Deauville Beach Resort

Deauville Beach Resort loses court battle tied to $400K judgment

Deauville Beach Resort loses court battle tied to $400K judgment
La Quinta hotel at 100 Southwest 12th Avenue and CorePoint CEO Keith A. Cline (Google Maps)

CorePoint Lodging sells Deerfield Beach La Quinta for $6M

CorePoint Lodging sells Deerfield Beach La Quinta for $6M
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Aman tower planned for Faena Versailles site in Miami Beach advances

Aman tower planned for Faena Versailles site in Miami Beach advances
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
arrow_forward_ios

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

Loading...