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Prime Hospitality Group Draws $58M Refi for Art Ovation Hotel in Sarasota
Prime Hospitality Group has secured $57.5 million in refinancing for the Art Ovation, Marriott Autograph Collection, a 162-key hotel in the cultural arts district of Downtown Sarasota, FL.
Eric Fixler and Chandler Kaye with CBRE worked with the borrower to arrange a 10-year commercial mortgage-backed securities loan with two years of interest-only payments.
“The hotel’s strong performance, both currently and throughout the pandemic, allowed us to deliver excellent long-term financing options for the client,” said Fixler. “The premium location along with the top-class new construction and exclusive Marriott Autograph distinction presented an opportunity for the client to maximize the financing for the asset.”
The hotel opened in 2018 and features the Perspective Rooftop Bar, over 10,000 square feet of meeting space and restaurants with views of Sarasota, the marina and Bayfront Park.
Hotel guests have immediate access to art and live music along Sarasota’s “Gallery Row.”
- ◦Financing
