News for the Hospitality Executive |
Comfort Inn Airport / Cruise Port in Hollywood, Florida |
Miami, Florida -January 26, 2009 - Aztec Group,
Inc., Florida's leading real estate investment and merchant banking firm
based in Miami, is pleased to announce the closing of the acquisition of
a $13,000,000 performing, fixed rate, CMBS loan encumbering the Comfort
Inn Airport / Cruise Port South in Hollywood, Florida.
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 three years ago and was completely renovated
in 2007/8.
2520 Stirling Rd., Hollywood, Florida . The purchaser of the loan, a locally-based private investment group,
represented by and affiliated with the principals of Aztec Group, entered
into an agreement and concluded the acquisition within seven days just
prior to the end of the year. �Since we knew the underlying collateral
for the loan, as well as the borrower, extremely well, it was relatively
easy to close this performing loan acquisition very quickly,� noted Boaz
Ashbel, Aztec Group�s Managing Director, who along with Jason Shapiro closed
the loan acquisition. �After sitting on the balance sheet of the
lender for nearly one year as an unsecuritized CMBS loan, the lender was
motivated to move the asset off the books and raise some cash in time for
2009,� added 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. |
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Aztec Group, Inc.
Jason Shapiro
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