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.”
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.