March 5, 2024

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Miramar Hotel Project Gets $10M Construction Loan

A rendering of the prepared 97-key Tru by Hilton at 14575 Southwest 27th Way in Miramar (DP Lodges, Google Maps, iStock)

DP Accommodations strategies to develop its South Florida portfolio after nabbing a $10 million construction personal loan to establish a 97-crucial Hilton-branded resort in Miramar.

The Dania Beach front-centered hotelier, led by President and CEO Dan Patel, acquired financing from Conway, Arkansas-primarily based Centennial Bank, in accordance to a push launch. The city of Miramar accredited a website system for the 46,334-square-foot hotel whilst it was continue to under deal in 2019.

Very last month, DP Resorts closed its $2.4 million obtain of the nearly 2-acre assets at 14575 Southwest 27th Way wherever the corporation designs to create a Tru by Hilton lodge. The vendor was Progressive Casualty Coverage, which built an business office developing adjacent to the hotel growth web site, according to information.

DP Hotel’s Miramar undertaking will function a ground-degree pool, conference space, health center and a 97-room parking great deal, the launch states. The agency has formulated and owns 17 hotel properties in Indiana, Texas and Florida, including 5 in Fort Lauderdale and just one each individual in Dania Beach and Tamarac, in accordance to DP Hotels’ web-site.

New lodge advancement is picking up throughout South Florida. Final month, MHG Lodges announced it is shifting forward with plans to tear down two single-tale office properties in downtown Hollywood the place the Indianapolis-primarily based enterprise strategies to construct a 112-home Courtyard by Marriott resort.

Also in March, Jeshayahu “Shaya” Boymelgreen landed a $30 million development personal loan for a hotel in Surfside. Boymelgreen strategies to establish the three-story, 200-crucial resort at 9300 Collins Avenue.

In February, Utah-centered Dynamic Town Funds acquired a recently finished AC Hotel by Marriott in Fort Lauderdale for $74.3 million. The hotel’s developers, Miami-centered Vital Global and West Palm Beach front-centered Wexford Actual Estate Buyers, marketed the 171-area property.