Brookfield Refis Hotels in Savannah and Fort Lauderdale With $220M
By Julia Echikson August 7, 2023 7:22 pm
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Brookfield Properties, one of the largest asset managers in the world, refinanced two hotels, one in Fort Lauderdale and the other in Savannah, Ga. with a $220 million mortgage from Citibank and Natixis, a French investment bank, property records show.
The majority of the loan — almost 65 percent, which amounts to $144.1 million — covers the Hilton Fort Lauderdale Marina, according to mortgage documents. The 594-key hotel is located on the Intracoastal Waterway at 1881 SE 17th Street, just west of the South Florida city’s barrier island.
Brookfield purchased the 363,765-square-foot hotel for $170.7 million in 2018, according to property records.
The Canadian investment firm has long been one of the bigger players in South Florida hospitality. Earlier this year, it sold the 1,000-room Diplomat Beach Resort for $835 million, which at the time was the largest hotel sale in the country since the pandemic hit.
The remaining 35 percent of the recent financing goes to The Westin Savannah Harbor Golf Resort & Spa, located at 540 Grand Prize of America Avenue, across the Savannah River from the city’s downtown.
The property, which Brookfield acquired for $78 million in 2021, is home to 403 rooms and an 18-hole PGA Championship golf course.
A representative for Brookfield did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
