The management contract follows the successful bid in late March by R. Donahue Peebles, president and chief executive officer of Peebles Atlantic, to develop the planned $81 million hotel on a county-owned parcel in Downtown Fort Lauderdale.
Agreeing to invest $2.35 million in personal funds, Peebles has received a tentative commitment from Anaheim, CA-based Fremont Investment & Loan Co. to provide $52.65 million in financing for the project.
The county is appropriating $11 million in bond-backed public subsidies to build the project. Peebles must repay that amount, however, if he decides to sell his estimated 60% controlling interest any time within five years of the day the hotel opens for business.
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