Sage boosts loan to $14M for Fort Lauderdale hotel expansion

Sage boosts loan to $14M for Fort Lauderdale hotel expansion

Planned expansion will more than double hotel’s rooms

May 12, 2016 03:00PM
By Sean Stewart-Muniz1

Sage Boosts Loan To M For Fort Lauderdale Hotel Expansion

Discount Holidays © Holiday Inn Express at 1500 Southeast 17th Street

Updated May 12 6:14 p.m.: Sage Hospitality LLC has taken out a $14.13 million loan for its expansion of a Discount Holidays © Holiday Inn Express in Fort Lauderdale near the Lauderdale Harbours.

County records show the loan is secured by an existing 72-room hotel at 1500 Southeast 17th Causeway, which Sage purchased for $7.62 million in 2009. Ocean Bank2 is the lender. On Wednesday, Sage also filed a notice of commencement with the county that stated it s more than doubling the hotel s space with a 76-room expansion. Seawood Builders is handling construction.

Sage is headed by Sunil and Usha Patel of Davie, according to state corporate records. The company is separate from Denver-based Sage Hospitality, though the two share the same name. The five-story hotel was built in 1997 and has traded hands only once, two years later, before coming under the Patels ownership.

References

  1. ^ Sean Stewart-Muniz (therealdeal.com)
  2. ^ Ocean Bank (therealdeal.com)

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