Miramar Hotel Project Gets $10M Construction Loan

DP Hotels plans to develop its South Florida portfolio soon after nabbing a $10 million building mortgage to develop a 97-critical Hilton-branded hotel in Miramar.

The Dania Beach-centered hotelier, led by President and CEO Dan Patel, received funding from Conway, Arkansas-based Centennial Lender, according to a press launch. The city of Miramar approved a web page strategy for the 46,334-square-foot resort when it was still underneath deal in 2019.

Last thirty day period, DP Lodges closed its $2.4 million order of the just about 2-acre home at 14575 Southwest 27th Way the place the corporation plans to make a Tru by Hilton hotel. The seller was Progressive Casualty Insurance policies, which constructed an office developing adjacent to the lodge improvement web page, in accordance to documents.

DP Hotel’s Miramar task will feature a ground-amount pool, conference room, exercise heart and a 97-room parking great deal, the launch states. The business has produced and owns 17 hotel attributes in Indiana, Texas and Florida, including 5 in Fort Lauderdale and a person every in Dania Seaside and Tamarac, in accordance to DP Hotels’ web site.

New hotel advancement is picking up throughout South Florida. Previous month, MHG Accommodations declared it is moving forward with strategies to tear down two one-story workplace properties in downtown Hollywood where by the Indianapolis-dependent company designs to establish a 112-area Courtyard by Marriott lodge.

Also in March, Jeshayahu “Shaya” Boymelgreen landed a $30 million development mortgage for a lodge in Surfside. Boymelgreen designs to produce the three-tale, 200-vital resort at 9300 Collins Avenue.

In February, Utah-based mostly Dynamic Town Funds purchased a lately concluded AC Lodge by Marriott in Fort Lauderdale for $74.3 million. The hotel’s developers, Miami-based mostly Essential Worldwide and West Palm Seashore-centered Wexford Authentic Estate Investors, sold the 171-space house.

Call Francisco Alvarado