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Developer scores construction loan for dual-branded Marriott hotel at Dania Pointe

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Economos Properties closed on a construction loan for a dual-branded Marriott hotel at Dania Pointe, a major mixed-use project in Dania Beach.

Boca Raton-based Economos, led by Nicholas Economos Jr., secured a $52.5 million loan from Citizens Bank for the 420,000-square-foot hotel complex, property records show. The $75 million hotel, which will consist of a full-service Marriott and an AC Hotel by Marriott, is part of the $800 million, 102-acre development.

Kimco Realty is the lead developer of the project, just east of I-95 at Stirling and Bryan roads. When it’s completed, Dania Pointe will have 800,000 square feet of open-air retail space, 500,000 square feet of Class A office space and more than 1,000 apartment and condo units.

The hotels will be built above 25,000 square feet of retail space, and will feature separate sky lobbies, ballrooms and meeting space, and an amenity deck with an infinity pool, pool deck, spa and gym. The 14- story Marriott will have 196 rooms and the AC hotel will be 11 stories tall with 154 units.

It’s set to be completed in 2020, in time for the Super Bowl, which is being held in Miami.

Retail tenants include Brandsmart USA, Lucky’s Market, Ulta Beauty, Starbucks, Outback Steakhouse and Burger King.

In September, Meyers Group closed on a $35 million construction loan for the first phase of Avery Dania Pointe, a luxury rental development at the project. The first phase, consisting of an eight-story, 264-unit luxury apartment building, is slated to open the first quarter of 2020.

Economos Properties Lands $53M for Dual-Branded Marriott

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Economos Properties has received $52.5 million in construction financing for two new hotels, which will be part of a dual-branded Marriott project at Dania Pointe, within a 102-acre premier mixed-use development in Dania Beach, Fla.

CBRE’s Capital Markets Debt & Structured Finance team arranged the loan from Citizens Bank.

“These will be the only hotels within the Dania Pointe mixed-use development, which will offer more than 100 acres and approximately 1 million square feet of retail, entertainment, residential and office development,” Jonathan Rice, CBRE’s senior vice president, told Commercial Property Executive. “It has an experienced and well-respected developer/operator—Economos Properties.”

The project will include a 196-key full-service Marriott and a 154-key AC Hotel by Marriott. Both will be 14 stories and constructed on top of 25,000-square-feet of retail space. The hotels are slated to open in 2021.

A MAJOR PROJECT

Dania Pointe will boast more than 100 national and local retail tenants and more than 24 restaurants and entertainment venues. The project will also include 500,000 square feet of Class A office space, 1,000 luxury apartments and condominiums and an outdoor public area.

According to Rice, there was tremendous interest from the lending community for this deal, and many were interested due to the exclusivity of the development and Marriott brands being involved.

“Because the site was undeveloped, KIMCO is creating a true destination and complex that will literally serve thousands of customers where there has been virtually no economic activity,” Rice said. “The City of Dania Beach is in growth mode and hotel demand is incredibly strong and far exceeds current supply.”
The development is located 10 minutes from the Fort Lauderdale-Hollywood International Airport and Port Everglades and 20 minutes from the Weston and Plantation communities.

CBRE’s Mike Toulomelis and David Borge also joined Rice in the efforts to secure the loan from Citizens Bank.

Economos Properties is no stranger to the area as it already owns three hotels in South Florida, including the 156-key Hilton Garden Inn located at the entrance of the Dania Pointe development.

Four Points Miami Airport Hotel Opens

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Marriott International, Inc. (NASDAQ: MAR) yesterday announced the opening of Four Points MiamiAirport, the brand’s second property in Miami and tenth in the state. Catering to the needs of today’s modern traveler, the hotel offers approachable design, stylish comfort and all of the brand’s popular extras.

Owned by Economos Properties, the newly constructed Four Points Miami Airport offers 124 guest rooms, 1,000 sq. ft. of meeting space, a 24-hour fitness center, a business center, fast and free Wi-Fi throughout the hotel, and the brand’s iconic Best Brews and BBQ™, including refreshing local beers and seasonal BBQ-style appetizers at the hotel lounge.

Four Points Miami Airport is conveniently located within three miles of the corporate offices of BV Oil Company, Harris Corporation, Magaya Corporation, Parker-Hannifin Corporation, and Refricenter International. For pleasure and easy exploration of South Florida, the property is only six miles from Miami International and Dolphin Malls. Dining and entertainment options are abundant in Doral, Little Havana, Coral Gables, and Coconut Grove, one of Miami’s oldest neighborhoods. Also within driving distance are the Wynwood Art District and Miami Beach. Miami International Airport (MIA) is four miles away, and the Port of Miami is nine miles away.

“Airport properties are at the crux of Four Points’ business model,” said Callette Nielsen, Vice President & Global Brand Manager of Courtyard, Fairfield, Four Points, and SpringHill Suites. “We’re excited to open a second property in the area, especially at such a bustling terminal where business travelers will find a reliable night’s stay.”

“With reliable comfort for today’s modern traveler, our aim at Four Points Miami Airport is to make every traveler a repeat guest,” said Chris Lafontaine, General Manager, Four Points Miami Airport.

Four Points is on track to expand its portfolio of rooms by nearly 50 percent by the end of 2019 with new hotels strategically located in nearly every corner of the globe. Hotels expected to open in North America by the end of 2017 include: Four Points Cleveland Eastlake; Four Points Juneau; Four Points Fort Lauderdale Airport/Cruise Port; Four Points Atlanta Airport West; Four Points Mt. Prospect (IL); Four Points Peoria (IL); Four Points Detroit Novi; Four Points Charlotte – Lake Norman; Four Points Spartanburg (SC); Four Points Arlington (TX); Four Points Houston Intercontinental Airport; Four Points McAllen (TX); and Four Points Salt Lake City Airport.

Four Points by Sheraton hotel planned near Miami Airport

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A developer has proposed the construction of a Four Points by Sheraton hotel near the Miami International Airport.

Boca Raton-based Economos Properties, through affiliate 36th Street Three LLC, filed an application with Miami-Dade County to build a 124-room hotel that would total 45,182 square feet. It would be on a 1.5-acre site directly behind the Homewood Suites at 3590 N.W. 74th Avenue and the Hilton Garden Inn at 3550 N.W. 74th Ave.

Economos Properties owns the other two hotels as well. They are located near the State Road 826 exit ramp onto Northwest 36th Street.

Four Points hotel are targeted towards business travelers and small conventions. According to Sheraton’s website, the Miami airport location is slated to open in January 2017. It also lists a Coral Gables Four Points that should open in March 2015.

Homewood Suites by Hilton Miami Airport West Wins Top New Hotel 2009 Award

HOMEWOOD SUITES BY HILTON® MIAMI AIRPORT WEST
WINS TOP NEW HOTEL 2009 AWARD

MEMPHIS, Tenn., March 3, 2010 – Homewood Suites by Hilton Miami Airport West, today announced its achievement of the distinct honor of becoming TOP NEW HOTEL OF 2009 within the Homewood Brand. The 124-suite hotel is owned and managed by Economos Properties of Boca Raton, Fla.

“We worked as a team and achieved one of our main goals. Now it is time to look at the future and achieve many more things together”, said Jenny Estrada, general manager. “We stood against a recession year and showed that teamwork, knowledge of the market and great service is the combination to drive loyalty and performance.”

The Homewood Suites by Hilton Miami Airport West not only received the TOP NEW HOTEL OF 2009 AWARD; it also achieved honors and recognitions in two more categories: HIGHEST EXTENDED STAY PERCENTAGE for 2009 and the CONNIE AWARD – Named after Hilton’s founder Conrad Hilton. This honor goes to the hotels with teams committed to the highest quality of excellence and service. Connie winners not only receive a beautiful trophy, but they also get an upscale party hosted by the brand team!

The Homewood Suites by Hilton Miami Airport West offers studio, one-bedroom and two-bedroom suites. Additional guest amenities include a daily complimentary Suite Start hot breakfast in the hotel’s hospitality center—the “Lodge”—a Welcome Home reception featuring a complimentary Dinner and beverages Monday-Thursday evenings, an executive business center, and a 24-hour on-site pantry. The property also offers a complimentary airport shuttle (to MIA), a swimming pool, and 900 square feet of meeting space.

Located at 3590 NW. 74th Avenue, the hotel is just minutes from Miami International Airport and downtown Miami; centrally located to all of Miami’s attractions and businesses including Miami Beach’s Art Deco and Nightclub district, American Airlines Arena, the Port of Miami, the Coconut Grove Arts and Entertainment district, and historic Coral Gables. The hotel is also within walking distance of several restaurants and shopping centers.

Launched in 1988, the Homewood Suites by Hilton brand today has more than 240 hotels open with approximately 140 in the development pipeline. Beyond its spacious suites and home-like amenities, Homewood Suites guests can find at each hotel an on-site Suite Shop convenience store, exercise facility and guest laundry at most locations. Additional guest services at Homewood Suites by Hilton hotels include a complimentary grocery shopping service* and a complete business center at most locations.

To make reservations at a Homewood Suites by Hilton hotel, travelers can visit the Homewood Suites Web site at homewoodsuites.com or call 1-800-CALL-HOME. Homewood Suites by Hilton participates in Hilton HHonors, the only hotel rewards program that offers Points & Miles and No Blackout Dates. HHonors members can earn both hotel points and airline miles for the same stay with any of more than 50 airline partners and at more than 3,000 Hilton Family hotels worldwide. And with No Blackout Dates, as long as a standard room is available, members can confirm that room using their HHonors points.

Hilton Hotels Corporation is the leading global hospitality company, with more than 3,000 hotels and 500,000 rooms in 74 countries and territories, with more than 135,000 team members worldwide. The company owns, manages or franchises some of the best known and highly regarded brands, including Hilton, Conrad Hotels & Resorts, Doubletree, Embassy Suites Hotels, Hampton Inn, Hampton Inn & Suites, Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by Hilton and The Waldorf=Astoria Collection™.

Hilton Hotels Corporation is an Official Sponsor of the 2012 Olympic and Paralympic Games in London, the 2010/2012 U.S. Paralympic Team and the 2011 U.S. Pan American Team. For more information about the company, please visit www.hiltonworldwide.com.

Economos Properties, Inc. Receives 2010 Best of Boca Raton Award

U.S. Commerce Association’s Award Plaque Honors the Achievement

NEW YORK, NY, April 2, 2010 — For the second consecutive year, Economos Properties, Inc. has been selected for the 2010 Best of Boca Raton Award in the Hotel Management category by the U.S. Commerce Association (USCA).

The USCA “Best of Local Business” Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.

Nationwide, only 1 in 70 (1.4%) 2009 Award recipients qualified as two-time Award Winners. Various sources of information were gathered and analyzed to choose the winners in each category. The 2010 USCA Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the USCA and data provided by third parties.

About U.S. Commerce Association (USCA)

U.S. Commerce Association (USCA) is a New York City based organization funded by local businesses operating in towns, large and small, across America. The purpose of USCA is to promote local business through public relations, marketing and advertising.

The USCA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.

CONTACT: U.S. Commerce Association
Email: PublicRelations@us-ca.org

Best of Boca Raton Award

2009 – received “Best of Boca Raton Award” for Hotel Management

Opened two hotels at the Ft. Lauderdale airport

2009 – opened two hotels at the Ft. Lauderdale airport (124 room Homewood Suites by Hilton and 157 room Fairfield Inn & Suites by Marriott)

Opened two hotels at the Miami airport

2008 – opened two hotels at the Miami airport (124 room Homewood Suites by Hilton and 189 room Hilton Garden Inn)

Featured in South Florida CEO magazine

2007 – featured in South Florida CEO magazine as “Top Employers”.

Development in downtown Miami

2007 – began joint venture development in downtown Miami just off Brickell Avenue.

Development at the Miami Airport

2005 – began joint venture development at the Miami airport.

Courtyard by Marriott

2004 – opened a 263 room Courtyard by Marriott on Miami Beach

Carrabba’s Italian Grill

2004 – opened a Carrabba’s Italian Grill in the Courtyard by Marriott on Miami Beach

Opened a 156 room Hilton Garden

2004 – opened a 156 room Hilton Garden Inn at the Ft. Lauderdale airport.

Deal of the Year Award

2002 – received the “Deal of the Year Award” from Hilton Hotels Corporation for the development of the 156 room Hilton Garden Inn at the Ft. Lauderdale airport.