MetLife Investment Management has supplied a $185 million loan for the refinance of a Marriott-branded beachfront hotel resort in Fort Lauderdale, Fla, Commercial Observer has learned.
The five-year, floating-rate loan was provided to the Lauderdale Beach Association, which owns the 650-room Marriott Harbor Beach, according to MetLife. Lauderdale Beach first entered into a ground lease for the property in 1981, according to property records, and the hotel opened in 1984.
Loan proceeds will fund capital improvements,including renovations to guest rooms along with exterior upgrades to the property and event space. The deal closed on Dec. 15.
Located at 3030 Holiday Drive, the resort is situated on the Atlantic Ocean, spanning 16.4 acres in the Harbor Beach area. The hotel’s amenities include a spa, fitness center, pool, cabana and lounge rentals, tennis and pickleball court and a basketball court.
Representatives for the Lauderdale Beach Association did not immediately return requests for comment.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
Read MoreChannel, Finance, Refinance, Lauderdale Beach Association, Florida, South Florida, Fort Lauderdale, Marriott International, MetLife Investment Management Commercial Observer
