3650 REIT Refis Florida Hospitality Property with $57M Loan
By Andrew Coen July 27, 2022 10:05 amreprints
Prime Hospitality Group has inked a $57.5 million debt package to refinance a Marriott-branded hotel in Sarasota, Fla., Commercial Observer can first report.
3650 REIT originated the 10-year loan for the 162-key Art Ovation Hotel, which is part of Marriott International’s Autograph Collection flag. Prime Hospitality Group debuted the 162-room hotel in early 2018 with Shaner Hotels as operator.
Located at 1255 North Palm Avenue in Sarasota’s Arts District, the hotel features more than 6,000 square feet of meeting and event space. Its amenities include a lobby bar, fitness center, on-site restaurant and rooftop pool and bar.
“With the travel industry back in full swing and tourists looking to vacation domestically and visiting from overseas, we predict sustained demand for hotels that offer guests convenience and unique experiences,” Toby Cobb, 3650 REIT co-founder and managing partner, said in a statement.
Officials at Prime Hospitality Group did not immediately return a request for comment.
3650 REIT also recently closed two other refinance loans, including a $23 million debt package for America’s Capital Partners’ Public Storage property at 2641 Northeast 186th Terrace in Miami. The 946-unit facility was completed in 2018 as Aventura Self Storage but was recently rebranded under Public Storage, the largest national operator of self-storage properties.
The lender also originated a $14 million loan to Klamath Hotel Partners to refinance the Fairfield Inn & Suites by Marriott Klamath Falls, a new 92-key hotel at 460 Timbermill Drive in Klamath Falls, Ore.
“We are able to continue to prudently deploy capital across all market environments due to our experience as owners and investors through multiple market cycles,” Cobb said. “This, combined with our deep understanding of the capital markets, provides us with a wealth of institutional knowledge that we believe gives us a sustained competitive advantage.”
Andrew Coen can be reached at email@example.com.