MetLife Refis Fort Lauderdale Hotel Resort With $185M Loan
By Andrew Coen December 21, 2023 12:11 pm
reprints
MetLife Investment Management has supplied a $185 million loan for the refinance of a Marriott-branded beachfront hotel resort in Fort Lauderdale, Fla., Commercial Observer has learned.
The five-year, floating-rate loan was provided to the Lauderdale Beach Association, which owns the 650-room Marriott Harbor Beach, according to MetLife. Lauderdale Beach first entered into a ground lease for the property in 1981, according to property records, and the hotel opened in 1984.
Loan proceeds will fund capital improvements,including renovations to guest rooms along with exterior upgrades to the property and event space. The deal closed on Dec. 15.
Located at 3030 Holiday Drive, the resort is situated on the Atlantic Ocean, spanning 16.4 acres in the Harbor Beach area. The hotel’s amenities include a spa, fitness center, pool, cabana and lounge rentals, tennis and pickleball court and a basketball court.
Representatives for the Lauderdale Beach Association did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
