- Hotel of Deerfield secured a $16.8 million loan for a Fairfield Inn.
- The hotel has a pool and fitness center.
- Financing was provided by Ocean Bank.
HOTEL OF DEERFIELD LLC secured a $16.8 million loan for the 104-key Fairfield Inn & Suites Deerfield Beach in Deerfield Beach, Florida. Financing was provided by Ocean Bank.
The hotel includes a pool, fitness center and parking facilities, Ocean Bank said in a statement.
Hotel of Deerfield LLC is led by President Sanjay Patel.
“We are pleased to have partnered with Ocean Bank on the financing of our Deerfield Beach property,” Patel said. “Their team understood the asset, moved efficiently and provided a smooth lending experience from start to finish. We appreciate their support and look forward to growing the relationship.”
Ocean Bank senior vice president Alvaro Luis arranged the loan.
Eddie Diaz, Ocean Bank’s executive vice president and head of corporate lending, welcomed Patel’s group as clients.
“Sanjay Patel is a hotelier and businessman with more than two dozen properties throughout Florida,” Diaz said.
In a separate transaction, Peachtree Group originated a $103 million bridge loan in March to complete the 289-key Hilton Miami Beach Convention Center Hotel in Miami Beach.
