MIAMI—Hilton Garden Inn and Homewood Suites by Hilton at the Miami International Airport have secured $38 million in financing. Jonathan Rice of the CBRE Hotels|Finance Team and David Borge of the CBRE Capital Markets Debt & Equity Finance Team were the exclusive financial advisors to Economos Properties, which owns the hotels.
Built in 2008, the 189-room Hilton Garden Inn and the 124-room Homewood Suites are located at the intersection of the Palmetto Expressway and Northwest 36th Street. That's less than one mile from the Miami International Airport, 1.5 miles from the world famous Doral Golf Resort, and about 10 miles from the Miami Cruise Port.
Ackman-Ziff Real Estate Group's Miami office arranged more than $100 million in debt for the acquisition and renovation of the former Trump International Hotel & Tower in Fort Lauderdale Beach. CFLB, which purchased the hotel-condo asset for $115 million, has immediate plans to convert the property to a Conrad Hilton.
“Fortunately, previous ownership maintained the property in like-new condition, providing an opportunity for CFLB Partnership to add the finishing touches and enter the market right away, thus breathing new life into this beautiful asset that fell victim to the global recession,” says Kaplan, a principal of AZ.
The former Biltmore Terrace Hotel recently traded for $65 million, but that's not the whole story. Carlton Group arranged about $100 million for the buyer behind the scenes. Carlton arranged an approximate $100 million multi-tranched capital stack, which facilitated the acquisition and impending renovation of the hotel. Howard Johnson Hotel offers 227 rooms.
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