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POMPANO BEACH, FL-Boca Raton-based Ocean Land Financing Ltd. has received $11.4 million in mezzanine financing for the acquisition of approximately six acres of land and the pre-development costs for a 264-room Hilton Hotel.
Ocean Land Financing Ltd. is planning to break ground on the 10-story project in February. It is located at 1350 South Ocean Blvd. between the Atlantic Ocean and the Intracoastal Waterway. The project is expected to be completed in 20 months.
The financing was provided by New York City-based Hudson Realty Capital. "The South Florida region is renowned world-wide as a favored resort area and Broward County attracts approximately nine million visitors each year," says Hudson Realty Capital director Sarah Suther, who heads the company's Miami office. "There are only about 300 hotel rooms in the development pipeline for that area, making this an attractive investment."
The Hilton will feature 200 feet of beachfront and a 3,200-sf oceanfront restaurant with a covered dining terrace. The hotel will also include a 6,500-sf ballroom and 5,000 sf of meeting space. The hotel will be located on the east side of A1A.
A subsequent phase of the project will include a second, 317-room hotel property with a 28-slip marina, 5,500-sf ballroom and 2,500 sf of meeting space on the west side of A1A on the Intracoastal Waterway. The hotel will be located above a four-story parking podium with 910 valet parking spaces to accommodate parking for both hotels. A hotel operator has not yet been selected for the project.
The project cost for the two hotels is expected to be more than $100 million. The first hotel is expected to be completed in March 2009 with the second hotel to be completed about six to eight months later.
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