SunTrust Lends $50M for Acquisition of a Dual-Branded Marriott Hotel in Florida
SunTrust Bank’s commercial real estate lending division has provided $50 million to Key International to facilitate the expansion of its global hotel portfolio with the purchase of a Marriott dual-branded hotel in Clearwater Beach, Fla., according to SunTrust.
The loan went toward the purchase of a seven-story, 255-room property that comprises a Residence Inn and a SpringHill Suites by Marriott. The property was constructed in August 2017 and Miami-based Key International has managed the asset—now the first dual-branded property in its portfolio—since its opening, according to information from SunTrust.
Clearpoint Lodging is the seller, but the price the asset sold for was not disclosed.
“Clearwater Beach… is one of the top 10 hotel markets in the United States,” Leslie Ann Maduro, a senior vice president at SunTrust CRE, said in a prepared statement. “Each of the brands at this property caters to unique traveler types, and Key International’s extensive hospitality experience has allowed them to identify this strategic opportunity.”
The Residence Inn includes 140 “home-inspired” rooms, each featuring a full-sized kitchen and a dining bar, while the SpringHill Suites comprises 115 suites. The development includes 7,253 square feet of ground-floor retail space and is located on bank of Florida’s Gulf Coast at 309 Coronado Drive in Clearwater Beach.
Officials at Key International could not be reached for comment.