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Business Observer Thursday, Jul. 28, 2022 1 week ago

Sarasota hotel gets $57.5 million refinancing

The owners of Art Ovation turned to a national lender to refinance the posh hotel.
by: Louis Llovio Commercial Real Estate Editor

The owners of Sarasota’s Art Ovation hotel have refinanced the property for $57.5 million.

The 10-year loan was originated by national commercial real estate lender 3650 REIT.

The 162-room, eight-story hotel, which is on 1255 N. Palm Ave., is owned by the Prime Group, a real estate development firm from Hollywood, Fl.

Art Ovation is part of Marriott’s Autograph Collection, independent hotels each of that, according to the company, are “handpicked for originality and passion in their every expression.”

There are only 142 hotels in North America that carry the Autograph Collection flag and 122 in the rest of the world, including 66 in Europe, 18 in Asia and four in Africa. Of the North American properties, 20 are in Florida, including the Epicurean Hotel in Tampa, the Luminary Hotel & Co. in Fort Myers and the Fenway Hotel in Dunedin.

According to Marriott’s website, what sets Art Ovation apart is its on-site art installations and performances as well as perks that include sketchbooks, coloring pencils and ukuleles in rooms. These extras are coupled with more traditional ones like water views, eateries and a rooftop bar.

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