TAMPA, FL – The Plasencia Group, Inc. (TPG) announced that it has served as advisor to the Blackstone Group on the sale of the Ft. Lauderdale Beachside Hotel (top right photo) in Fort Lauderdale. The purchaser was Weston, Florida-based InSite Group. Terms of the transaction, which was completed on September 16, were not disclosed.
“This will prove to be an excellent investment for the new owners,” noted Dennis Reed, TPG’s southeast regional senior vice president who managed the transaction.
“The Florida hotel market is poised to reap the benefits of a recovering economy as leisure travelers begin returning to the state. Pent-up demand within the leisure segment of the industry will help pull Florida out of the economic downturn. This hotel’s excellent location will place it on the frontline during that recovery.”
The 240-key property is located at the corner of Sunrise Boulevard and A1A facing the beach. The hotel, which has been shuttered since the first quarter of 2008, had been a Holiday Inn before becoming an independent. No future plans for the hotel were disclosed.
Contacts:
Karen Brand, 203.202.4549 Cell, kbrand@TPGhotels.com
Dennis Reed, TPG, 813.932.1234 x.102
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