Developers began construction on a new Wyndham Garden Hotel in Dania Beach, Fla. AD1 Global Hotels is developing the hotel, which will be located at 129 North Federal highway and, when finished, will consist of 142 rooms across seven floors.
AD1 secured a $14.4 million construction loan for the project in June, and the property is scheduled to open summer 2017. The loan was arranged by Meridian Capital Group, of which Nam Kaminetzky of Meridian Capital's Boca Raton office arranged a three-year, interest-only construction loan through BB&T. This loan converts to a four-year mini-perm loan with a 25-year amortization schedule following the initial term.
The site for the development is located south of the Fort Lauderdale-Hollywood International Airport. Nearby attractions include the Design Center of the Americas, Las Olas Boulevard, Riverwalk, Dania Jai Alai, the Gallery of Amazing Things, American Offshore Marina, Boomers, K1 Speed and is one-and-a-half miles from the beach.
The 40,000-square-foot development site was acquired by the Dania Beach Hospitality Group in 2014 for $1.5 million. The Group is also developing hotels in Florida locations such as Tamarac, Sunrise, Port Canaveral and Orange County.
AD1 is a hotel acquisition, development and management company with properties in Orlando, Melbourne and Palm Beach Gardens.