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Aztec Group, Inc. Negotiates a Joint Venture for the Ownership
of the Ocean Sands Resort & Spa in Pompano Beach, Florida
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Miami, Florida -- September 30, 2009 - Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm, is pleased to announce the arrangement of a joint venture on the Ocean Sands Resort and Spa in Pompano Beach, Florida between the current ownership, Mercury Investment, and Concord Hospitality and its affiliates.  Concord Hospitality, a premier hotel management and development company, has assumed management of the 88-unit resort.

The oceanfront property, located on A1A in Pompano Beach, features luxury studio, one-bedroom, and two-bedroom guestrooms with ocean views, a 20,000 square-foot spa, fitness center, salon, restaurant, business center, and two heated pools.  Due to the large size of the units, the new ownership plans on renovating, repositioning and branding the property with an upscale extended-stay flag.

Aztec advised Mercury and Concord in the placement and complex structuring of the ownership of the asset. 

“This was a very complicated transaction that required coordination and cooperation among the owner, the lender, and the new investor,” commented Boaz Ashbel, Managing Director of Aztec Group, Inc.  “It was the dedication and professionalism of the principals involved that lead to the consummation of this transaction.”

“We knew that it was a difficult market environment in which to complete this deal.  We are very pleased with the creativity and persistence that Aztec exhibited in working with all parties to form this new partnership,” stated Karen Stelmak, Vice President of Asset Management of Mercury Investment.

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.  Aztec has long been recognized as the premier real estate capital markets intermediary and merchant banking firm in the Southeast, handling over $8 billion in transactions during the past decade. 

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Contact:

Boaz Ashbel
Managing Director 
(305) 938-8617
bashbel@aztecgroup.com
www.aztecgroup.com

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Also See: Aztec Arranges the Purchase of a Performing Loan on the Comfort Inn Airport / Cruise Port in Hollywood, Florida / January 2009
Aztec Arranges $28 million Construction Loans for Courtyard and Residence Inn in San Antonio, Texas / July 2008
Aztec Arranges $13 million Loan for the Comfort Inn Airport/Cruise Port in Fort Lauderdale, Florida / January 2008
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


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