(Crystal Proenza is associate editor of Real Estate Florida.)

FORT LAUDERDALE, FL-The Sheraton Yankee Trader, which officially closed on June 1, is about to undergo a major renovation, inside and out. Greenwich, CT-based Starwood Capital Group Global LLC, which owns the 433-room hotel, has secured an $84 million loan from ING Real Estate Finance to convert the Sheraton into the Westin Fort Lauderdale Beach Resort. Starwood made the announcement about its intended renovation of the hotel in April, but did not specify whether or not financing had been secured.

The 44-year old structure, located at 321 North Fort Lauderdale Blvd., will undergo "dramatic exterior modifications" that will enhance the views from the rooms, according to a release from Holliday Fenoglio Fowler LP, which arranged the three-year financing for Starwood. The interior of the hotel will also be refurbished, including an expansion of meeting and event space to 32,000 sf.

"The success of the renovated hotel will be directly attributable to its irreplaceable location along State Road A1A," said Paul Stasaitis, senior managing director with HFF in the release. "Starwood is tapping directly into the market's need for additional meeting space in a resort setting, coupled with a perfectly suited flag for Fort Lauderdale Beach."