MIAMI, FL – HFF announced today that it has closed the sale of the ground lease interest in a 16.5-acre oceanfront site improved with the Harbor Beach Marriott Resort & Spa (top left aerial photo), a 15-story, 650-room hotel on Fort Lauderdale Beach in Fort Lauderdale, Florida.
A joint venture that includes an affiliate of Host Hotels and Resorts is the tenant on the leased fee interest, which has more than 93 years of term remaining.
HFF marketed the property on behalf of Northwestern Mutual. A private buyer purchased the leased fee interest in the property for $48.6 million.
The Harbor Beach Marriott Resort & Spa is located at 3030 Holiday Drive at the southern end of Fort Lauderdale Beach. Hotel amenities include direct beach access, three restaurants, a 22,000-square-foot spa and 100,000 square feet of function space.
The HFF investment sales team included executive managing director Manny de Zárraga, senior managing director Dan Peek (middle right photo) and directors Max Comess and Luis Castillo (lower left photo).
“The Harbor Beach Marriott ground lease represented a generational opportunity to acquire irreplaceable oceanfront real estate with long-term cash flow, backed by one of the premiere hotel investment firms at a substantial discount to the underlying land value,” said Peek.
Find more information about Northwestern Mutual’s real estate investing at www.northwesternmutualrealestate.com.
Contacts:
MANUEL A. DE ZÁRRAGA DANIEL C. PEEK
HFF Executive Managing Director HFF Senior Managing Director
(305) 448-1333 (813) 870-1001
Kristen M. Murphy, Associate Director Marketing, (713) 852-3500, krmurphy@hfflp.com
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