Crane Capital, Westmont Receive $18.7M Construction Loan for Houston Astros’ Hotel in South Florida

WEST PALM BEACH, FLA. — Crane Capital Group Inc., in partnership with Westmont Hospitality Group, has received an $18.7 million construction loan for the conversion of a vacant office tower in West Palm Beach into a 191-room hotel. Scott Wadler and Wesley Hightower of HFF arranged the three-year, fixed-rate loan through Woodforest National Bank on behalf of the joint venture, which acquired the vacant Forum Office tower earlier this year. The redeveloped 10-story hotel, located roughly five miles from the new $150 million Houston Astros Spring Training facility, will serve the public, as well as the Houston Astros players, staff and family. The hotel will feature a restaurant, pool and a gym. Westmont Hospitality Group will manage the property, which is expected to open mid-year 2018.