Downtown Sarasota hotel lands refinancing
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Aug 26, 2022

A hotel in downtown Sarasota’s cultural arts district has secured $57.5 million in refinancing.

CBRE Group Inc. Executive Vice President Eric Fixler and analyst Chandler Kaye represented Prime Group, the hotel’s ownership, in its arrangement of “a 10-year commercial mortgage-backed securities loan with two years of interest-only payments.”

The 162-key Art Ovation, a Marriott Autograph Collection hotel, was built in 2018, according to CBRE. It is home to Perspective Rooftop Bar and has 10,000 square feet of meeting space and restaurants.

“The hotel’s strong performance, both currently and throughout the pandemic, allowed us to deliver excellent long-term financing options for the client,” Fixler said in a statement. “The premium location along with the top-class new construction and exclusive Marriott Autograph distinction presented an opportunity for the client to maximize the financing for the asset.”

While the pandemic challenged the hospitality industry, hotels and restaurants in Florida have fared better than most. Florida had fewer regulations regarding indoor dining and more available outdoor dining than states in colder climates.