Copley Partners consists of principals and shareholders of Wittek Development LLC, which is based in Stamford, CT.
The new owners would not release specific renovation costs and plans, according to a spokeswoman for the project. However, the owners basically are giving the hotel, located at 3900 Collins Ave., confirm plans for renovation, the spokeswoman tells GlobeSt.com. The various improvements planned include all new wiring in the hotel, and updated interiors, she says. Daniel Stauber, Wittek Development's chief operating officer, will manage the project.
The new owner has obtained a $2.05 million acquisition loan from the lending institution Peninsula Bank in Sarasota, FL. Miami-based HR Mortgage & Realty Co., an independently owned commercial mortgage brokerage, closed on the loan.
"This is a unique loan because few banks are extending hotel financing today, and we were able to facilitate exactly the type of transaction our buyers were looking for," Kimberly Rodstein, vice president of HR Mortgage & Realty, says in a statement.
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