CBRE has secured $57.5 million in refinancing for the Art Ovation, Marriott Autograph Collection, in downtown Sarasota.
Eric Fixler and Chandler Kaye, with CBRE Capital Markets, worked on behalf of the borrower to arrange a 10-year commercial mortgage-backed securities loan, with two years of interest-only payments, according to a statement.
The hotel, located at 1255 N. Palm Ave., was developed by the Prime Hospitality Group. It opened in 2018 and features the Perspective Rooftop Bar, more than 10,000 square feet of meeting space and restaurants with views of Sarasota, the marina and Bayfront Park.
