The developer will receive a cash advance to begin work within30 days of receiving the funds. The loan must be repaid within 20months of receiving the money. An affiliate of the same firm isalso building a Marriott in Miami Beach that has run intoconstruction delays and set back the timetable for starting thelocal project.
Sunrise authorities are providing the loan because the cityneeds more hotel rooms to serve burgeoning local office and retailconstruction, as well as the sports teams and entertainers usingthe National Car Rental Center.
The city has just approved another hotel in the area, the250-room Crowne Plaza at Sawgrass. A third hotel, an EmbassySuites, has also been proposed.
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