Airport/Cruise Port in Fort Lauderdale, Florida
|Miami, Florida -- Aztec
Group, Inc., Florida's leading real estate investment and merchant banking
firm based in Miami, is pleased to announce the placement of a $13,000,000
first mortgage on the Comfort Inn Airport/Cruise Port in Fort Lauderdale,
Located just south of the Fort Lauderdale International
Airport and Port Everglades, the 191-room Comfort Inn contains a large
outdoor swimming pool, a restaurant, pool side bar and a business center.
The hotel was acquired by the current owner two years ago and was completely
renovated in 2006.
The property is one of the strongest performers in its competitive set, and its performance is indicative of experienced ownership, strong onsite management and a fresh guest room product. These were some of the factors that the lender recognized in extending a 10-year, fixed rate, and non-recourse loan.
“It is always gratifying to help an existing client recoup his equity investment in less than 24 months of ownership,” commented Boaz Ashbel, Aztec’s Managing Director, who along with Jason Shapiro, represented the borrower in the placement of this loan. “This loan was structured and closed in less than three months in the most highly unstable credit market that we have experienced in years.”
“The US-based lender recognized the high quality of the asset, along with its strong performance and location, as mitigants to any concerns relating to the challenging credit environment,” added Jason Shapiro.
Founded in 1981, Aztec Group, Inc. is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients.
|Also See:||Aztec Group, Inc. Arranges the $12.25 Million Sale of Ramada Inn Airport North/Days Inn Westland Mall in Hialeah, Florida / August 2007|
|Aztec Arranges the $70 million Refinancing for the Sheraton Miami Mart and the Sheraton Orlando Downtown / March 2007|
|Aztec Group, Inc. Arranges the $79 Million Sale of Hawk’s Cay Resort in the Florida Keys / February 2007|
|Aztec Group Arranges the Sale of the Hampton Inn & Suites Ft. Lauderdale - Airport in Hollywood, Florida / May 2006|
|Aztec Group Arranges the Sale of the Stirling Suites (Formerly SpringHill Suites – Fort Lauderdale Airport) in Dania Beach, Florida / May 2006|
|Aztec Group, Inc. Arranges the $12 Million Sale of the Comfort Inn Airport/Cruise Port South, Hollywood, Florida / February 2006|
|Aztec Arranges $20 million for Condo-Hotel Redevelopment Financing for the Breakwater and Edison Condo/Hotels in the Historic Art Deco District of South Beach / October 2005|
|Aztec Group, Inc., Arranges $28 million in Sale and Financing of the Doubletree Resort Orlando – Villas at Maingate in Kissimmee, Florida / August 2005|
|Aztec Arranges the Historic Sale of World-Famous Fontainebleau Hotel, A Miami Beach Landmark / June 2005|
|Aztec Group Places $21 million Bridge Loan on the Breakwater/Edison Hotels on Miami Beach / October 2004|