CBRE Capital Markets Arranges $57.5 Million in Refinancing for Art Ovation, Marriott Autograph Collection in Downtown Sarasota

CBRE has secured $57.5 million in refinancing for the Art Ovation, Marriott Autograph Collection, a 162-key hotel located at 1255 N. Palm Ave. in the cultural arts district of 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.

“The hotel’s strong performance, both currently and throughout the pandemic, allowed us to deliver excellent long-term financing options for the client,” said CBRE’s Eric Fixler. “The premium location along with the top-class new construction and exclusive Marriott Autograph distinction presented an opportunity for the client to maximize the financing for the asset.”

The hotel, developed by the Prime Hospitality Group, opened in 2018 and features the Perspective Rooftop Bar, over 10,000 square feet of meeting space and restaurants with stunning views of Sarasota, the marina and Bayfront Park.

Hotel guests have immediate access to art and live music along Palm Avenue, known as Sarasota’s “Gallery Row.” Art Ovation is adjacent to the classical European decorated Sarasota Opera House, across the street from the Florida Studio Theatre, and only five miles from the Sarasota - Bradenton International Airport.