Dania Beach-based hotelier scores $10M loan to build Tru by Hilton hotel in Miramar
DP Hotels is planning a 97-key project on nearly 2 acres
DP Hotels plans to expand its South Florida portfolio after nabbing a $10 million construction loan to build a 97-key Hilton-branded hotel in Miramar.
The Dania Beach-based hotelier, led by President and CEO Dan Patel, obtained financing from Conway, Arkansas-based Centennial Bank, according to a press release. The city of Miramar approved a site plan for the 46,334-square-foot hotel while it was still under contract in 2019.
Last month, DP Hotels closed its $2.4 million purchase of the nearly 2-acre property at 14575 Southwest 27th Way where the company plans to build a Tru by Hilton hotel. The seller was Progressive Casualty Insurance, which built an office building adjacent to the hotel development site, according to records.
DP Hotel’s Miramar project will feature a ground-level pool, conference room, fitness center and a 97-space parking lot, the release states. The firm has developed and owns 17 hotel properties in Indiana, Texas and Florida, including five in Fort Lauderdale and one each in Dania Beach and Tamarac, according to DP Hotels’ website.
New hotel development is picking up across South Florida. Last month, MHG Hotels announced it is moving forward with plans to tear down two single-story office buildings in downtown Hollywood where the Indianapolis-based company plans to build a 112-room Courtyard by Marriott hotel.
Also in March, Jeshayahu “Shaya” Boymelgreen landed a $30 million construction loan for a hotel in Surfside. Boymelgreen plans to develop the three-story, 200-key hotel at 9300 Collins Avenue.
In February, Utah-based Dynamic City Capital bought a recently completed AC Hotel by Marriott in Fort Lauderdale for $74.3 million. The hotel’s developers, Miami-based Key International and West Palm Beach-based Wexford Real Estate Investors, sold the 171-room property.