Prime Hospitality Group has inked a $57.5 million debt package deal to refinance a Marriott-branded resort in Sarasota, Fla., Business Observer can first report.

3650 REIT originated the 10-year mortgage for the 162-key Artwork Ovation Resort, which is a part of Marriott Worldwide’s Autograph Assortment flag. Prime Hospitality Group debuted the 162-room resort in early 2018 with Shaner Accommodations as operator. 

Positioned at 1255 North Palm Avenue in Sarasota’s Arts District, the resort options greater than 6,000 sq. ft of assembly and occasion area. Its facilities embody a foyer bar, health heart, on-site restaurant and rooftop pool and bar. 

“With the journey trade again in full swing and vacationers trying to trip domestically and visiting from abroad, we predict sustained demand for resorts that provide friends comfort and distinctive experiences,” Toby Cobb, 3650 REIT co-founder and managing companion, mentioned in an announcement. 

Officers at Prime Hospitality Group didn’t instantly return a request for remark. 

3650 REIT additionally lately closed two different refinance loans, together with a $23 million debt package deal for America’s Capital Companions’ Public Storage property at 2641 Northeast 186th Terrace in Miami. The 946-unit facility was accomplished in 2018 as Aventura Self Storage however was lately rebranded beneath Public Storage, the biggest nationwide operator of self-storage properties.

The lender additionally originated a $14 million mortgage to Klamath Resort Companions to refinance the  Fairfield Inn & Suites by Marriott Klamath Falls, a brand new 92-key resort at 460 Timbermill Drive in Klamath Falls, Ore. 

“We’re capable of proceed to prudently deploy capital throughout all market environments because of our expertise as house owners and traders via a number of market cycles,” Cobb mentioned. “This, mixed with our deep understanding of the capital markets, offers us with a wealth of institutional information that we imagine offers us a sustained aggressive benefit.”

Andrew Coen will be reached at acoen@commercialobserver.com.