(Crystal Proenza is associate editor of Real Estate Florida.)

FORT LAUDERDALE, FL-The Sheraton Yankee Trader, which officially closed on June 1, is about to undergo a major renovation, inside and out. Greenwich, CT-based Starwood Capital Group Global LLC, which owns the 433-room hotel, has secured an $84 million loan from ING Real Estate Finance to convert the Sheraton into the Westin Fort Lauderdale Beach Resort. Starwood made the announcement about its intended renovation of the hotel in April, but did not specify whether or not financing had been secured.

The 44-year old structure, located at 321 North Fort Lauderdale Blvd., will undergo "dramatic exterior modifications" that will enhance the views from the rooms, according to a release from Holliday Fenoglio Fowler LP, which arranged the three-year financing for Starwood. The interior of the hotel will also be refurbished, including an expansion of meeting and event space to 32,000 sf.

"The success of the renovated hotel will be directly attributable to its irreplaceable location along State Road A1A," said Paul Stasaitis, senior managing director with HFF in the release. "Starwood is tapping directly into the market's need for additional meeting space in a resort setting, coupled with a perfectly suited flag for Fort Lauderdale Beach."

Renovations will also include interior refurbishments, with the addition of a Heavenly Spa by Westin and a fitness center. The hotel will also update its signature restaurant, Shula's on the Beach, which remains open throughout construction. The new Westin is scheduled to open February 1, 2009 and will continue to be managed by Starwood Hotels & Resorts Worldwide Inc.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.