Aztec Group Arranges $42 Million Construction Financing for Concord Hospitality's Marriott Autograph Collection Hotel in West Palm Beach, FL
Aztec Group
has announced 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.”
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
