Aztec Group Arranges $42 Million Construction Financing for Concord Hospitality’s Marriott Autograph Collection Hotel in West Palm Beach, FL

/Aztec Group Arranges $42 Million Construction Financing for Concord Hospitality’s Marriott Autograph Collection Hotel in West Palm Beach, FL

Aztec Group Arranges $42 Million Construction Financing for Concord Hospitality’s Marriott Autograph Collection Hotel in West Palm Beach, FL

|2018-05-31T13:10:36+00:00May 31st, 2018|

Miami – May 31, 2018 – Aztec Group announced today that the firm has arranged $42 million in financing for the development of a new luxury Marriott Autograph Collection Hotel along the Intercoastal in downtown West Palm Beach, Fla. Boaz Ashbel, Managing Director of Aztec Group, organized the financing through Florida Community Bank, N.A. (“FCB”) on behalf of the hotel’s owner and operator, Concord Hospitality Enterprises Company.

The hotel will offer 208 guestrooms, a full-service restaurant, state-of-the-art fitness center, more than 4,000 square feet of meeting space, surface structured parking and a rooftop swimming pool and lounge with unobstructed views of downtown, Palm Harbor Marina and Palm Beach. Its grand opening is anticipated for fall of 2019.

“This asset generated tremendous interest from lenders, reflecting its unique product offering, superior location and Concord’s reputation as a strong hotel owner and operator,” said Aztec Group’s Boaz Ashbel. “These were also the driving factors behind the favorable financing terms secured.”

The hotel will be located at 201 North Flagler Drive and will be situated within a 435,000 square-foot, mixed-use lifestyle project that is being developed by Navarro Lowery Properties. The site under redevelopment sits on West Palm Beach’s former City Hall and will encompass approximately 250 residential units, more than 30,000 square feet of retail and restaurant space, outdoor recreational space and a multi-level parking structure in addition to the new Marriot Autograph Collection.

“This opportunity captures all of the aspects we look for in a new project,” added Rick Ortiz, Senior Vice President and Senior Commercial Real Estate Relationship Manager at Florida Community Bank. “The sponsor is a top notch, experienced developer who we have known for decades and furthermore, the project is on a premiere site in the vibrant West Palm Beach downtown market.”

About Aztec Group

Aztec Group, Inc. represents Florida’s leading real estate investment and merchant banking firm since its inception in 1981.  The company specializes in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs and commercial developers as well as offshore clients.  Aztec has long been recognized as the premier real estate capital markets intermediary and merchant banking firm in the Southeast, handling over $10 billion in transactions during the past decade.  The company is also considered an innovator, often seeing opportunities for clients before they become apparent in the marketplace.  For more information, visit www.aztecgroup.com.

Contact: Boaz Ashbel - Managing Director

bashbel@aztecgroup.com /(305) 938-8617

Contact: Media: Schwartz Media Strategies, Yudi Fernandez / Karina Castano

305-725-8262 / 786-863-1080

About Concord Hospitality Enterprises Company

As an award-winning hotel development, ownership and management company, Concord Hospitality Enterprises Company has spent the last three decades building relationships with investors on more than $2.5 billion in premium-branded properties across the United States and Canada. As an operator, both for third party owners and partners, Concord Hospitality instills value from the ground up, developing and managing with a sustainable viewpoint, a focus on quality and hands-on involvement to ensure long-term profitability and success. With the brightest talent, the most innovative processes and a commitment to giving back to the communities where associates live and work, Concord is a company that leads with purpose both internally and externally. Learn more at concordhotels.com.

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