Developer 745 James LLC has secured a $21.5 million construction loan for a boutique hotel in Miami-Dade County. Sanctuary Hotel would measure five stories above grade and offer 90 rooms, occupying the former site of Sanctuary South Beach Condo.
Keyah Real Estate Group, led by Xaver Kriechbaum and Gavin Crescenzo, has acquired a mixed-use property in Miami Beach for $20 million with plans to develop a seven-story, 238-key hotel on Washington Avenue. The project, designed by Miami-based Arquitectonica, involves demolishing the existing single-story retail building and a 13-unit apartment building at 1509 and 1515 Washington Avenue.
Two buildings comprising 120 units have opened at Embassy Suites by Hilton Orlando Sunset Walk in Kissimmee. The project offers a unique hotel concept where investors can “become mini franchisees” of the Embassy Suites brand.
Driftwood Capital has provided $34.8 million in mezzanine financing for refinancing Miami Airport Marriott Connection, a Marriott-branded complex with three hotels near Miami International Airport. The financing was provided through Driftwood Lending Partners, LP (DLP), to an affiliate of Cerberus Capital Management and Highgate. Driftwood originated the two-year loan with three one-year extension options at a competitive interest rate.
A developer has proposed a new hotel for pilots just north of Miami International Airport in Miami Springs. The city’s Planning and Zoning Board was scheduled to review the site plan for the Pilot House Suites by Sucre LLC on the evening of May 28. The proposed development encompasses 1.13 acres of vacant land at 4849 Northwest 36th Street, 673 La Villa Drive, and 640, 656, and 664 Minola Drive.
