Miramar Hotel Project Gets $10M Construction Loan

DP Resorts options to develop its South Florida portfolio after nabbing a $10 million building loan to create a 97-key Hilton-branded lodge in Miramar.

The Dania Beach-based hotelier, led by President and CEO Dan Patel, attained financing from Conway, Arkansas-based Centennial Bank, according to a push release. The town of Miramar authorised a site program for the 46,334-sq.-foot lodge when it was nonetheless less than agreement in 2019.

Last month, DP Motels closed its $2.4 million obtain of the approximately 2-acre house at 14575 Southwest 27th Way wherever the company options to establish a Tru by Hilton resort. The seller was Progressive Casualty Insurance coverage, which crafted an place of work developing adjacent to the hotel development web-site, according to information.

DP Hotel’s Miramar venture will aspect a floor-level pool, meeting home, exercise middle and a 97-area parking lot, the launch states. The firm has produced and owns 17 hotel attributes in Indiana, Texas and Florida, including 5 in Fort Lauderdale and a person each and every in Dania Seashore and Tamarac, in accordance to DP Hotels’ web-site.

New lodge growth is choosing up throughout South Florida. Previous month, MHG Inns introduced it is moving forward with options to tear down two one-story office structures in downtown Hollywood where by the Indianapolis-based enterprise ideas to make a 112-home Courtyard by Marriott resort.

Also in March, Jeshayahu “Shaya” Boymelgreen landed a $30 million design loan for a hotel in Surfside. Boymelgreen ideas to acquire the a few-story, 200-essential resort at 9300 Collins Avenue.

In February, Utah-centered Dynamic Town Funds acquired a just lately finished AC Lodge by Marriott in Fort Lauderdale for $74.3 million. The hotel’s builders, Miami-based mostly Critical Global and West Palm Beach-primarily based Wexford Genuine Estate Buyers, sold the 171-space property.

Get in touch with Francisco Alvarado