Wednesday, August 20, 2014

HFF closes sale of luxury boutique hotel in Fort Lauderdale, FL


Il Lugano Hotel, 3333 NE 32nd Avenue, Fort Lauderdale, FL
MIAMI, FL – HFF announced it has closed the sale of il Lugano, a 105-suite luxury boutique hotel on the Intracoastal Waterway in Fort Lauderdale, Florida. 

HFF marketed the property on behalf of the seller, Il Lugano, LLC.  An affiliate of Claremont Companies of Bridgewater, Massachusetts purchased the offering on an all-cash basis and closed within 45 days of contract execution.

                The property is located at 3333 NE 32nd Avenue with direct water frontage on the Intracoastal Waterway and within walking distance of the Atlantic Ocean. 

Completed in 2008, the property features 105 oversized hotel suites, da Campo Osteria restaurant, lobby bar, outdoor event patio and approximately 4,000 square feet of meeting space.

 Additional amenities include an outdoor resort pool and sun deck, fitness center, 10-slip private marina, adjacent water taxi station and private parking garage.  The building also houses 23 luxury residences with private elevators that were previously sold and not included in the offering. 

Max Comess
The property boasts modern architecture and notable design, including Dale Chihuly sculptures and chandeliers throughout the lobby.

                The HFF investment sales team representing the seller was led by director Max Comess, senior managing director Daniel C. Peek, managing director Denny Meikleham, and real estate analysts Scott Wadler, Alexandra Lalos and Cecily Nazario.

“We commend the buyer and seller for a strong execution on this complicated transaction,” Comess said.  “The sale of il Lugano is another example of the northward momentum of the Fort Lauderdale Beach hotel market with savvy investors now targeting the area north of Sunrise Boulevard up to Lauderdale by the Sea and Pompano Beach.”

“The opportunity to acquire resort hotels in Florida and around the country continues to attract record interest from investors across the globe,” Peek added. 

  “Fundamental performance and the availability of capital in this sector continue to accelerate and surpass previous peak levels, amid a generational low in terms of new competitive supply.”

Daniel C. Peek
                HFF’s Hotel Group has been active in the sale and financing of similar hotels across the country with a focused concentration in South Florida.

  In the first half of 2014, the firm financed or sold 44 hotels and resorts with total transaction volume totaling nearly $1.2 billion, making it the fastest growing hotel group among all major firms tracked by Real Estate Alert.  

The sale of il Lugano comes on the heels of three other notable Broward County hotel sales closed by HFF this year: the Sheraton at Fort Lauderdale Airport and Cruise Port, the DoubleTree Sunrise at Sawgrass Mills and the Holiday Inn Express in Plantation.

                Il Lugano, LLC is owned by the SageCrest Liquidating Trust which is being managed by the Liquidating Trustee, John D. Huber, a managing director at SOLIC Capital Advisors.

Danny Meikleham
Headquartered at Lakeshore Center in Bridgewater, Massachusetts, Claremont Companies is a privately-owned and closely-held real estate investment, development and asset management firm.  

The company was started in 1968 when Patrick Carney, Claremont’s current chairman and CEO, began investing in and developing residential multi-family properties in southeastern Massachusetts.  

Today, Claremont Companies is actively pursuing new acquisitions and is focused on both existing properties and development opportunities within the multifamily, hotel, and mixed-use asset classes.  Learn more at www.claremontcorp.com.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com



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