Marcus & Millichap arrange loan for two South Florida hotels

Marcus & Millichap Capital Corp., a provider of commercial real estate financing and capital markets expertise, arranged a $17.4-million loan for two hospitality properties in South Florida. 

The debt is secured by a 145-room Clarion Inn in Fort Lauderdale and the 183-room Ramada of Boca Raton. Robert Bhat, a director in MMCC’s Miami office, arranged the debt placement for both assets.

“The properties have been renovated and reflagged by an experienced hotel developer/operator,” Bhat said in a statement. “The outlook for well-located limited service hotels in these two submarkets continues to be strong and the economy statewide is on firm footing.”

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The Clarion Inn is situated one mile from the Fort Lauderdale beach and a half mile from the Galleria at Fort Lauderdale shopping mall. Downtown Fort Lauderdale is within a 10-minute drive. Nearby attractions include the Classic Gateway Theatre, George English Park, Holiday Park, the War Memorial Auditorium, and the Bonnet House Museum & Gardens.

The hotel offers amenities such as a fitness center, free Wi-Fi, coffee and parking. Guestrooms offer refrigerators, work desks and flat-screen TVs. The hotel also has 572 square feet of meeting space.

The Ramada of Boca Raton is located off Interstate 95 near downtown Boca Raton, within a few miles of Delray Beach and Deerfield Beach. Arvida Corporate Park, Spanish Park, Florida Atlantic University, Mizner Park, and the Morikami Museum and Japanese Gardens are nearby. Hotel amenities include a business center, banquet facilities, fitness center, free Wi-Fi, an onsite restaurant and dry cleaning services. The property also has 1,800 square feet of meeting and event space.

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