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| Holiday Inn Express & Suites Fort Lauderdale located in Plantation, FL |
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| Michael Weinberg |
ORLANDO, FL – HFF announced it has closed the sale of the Holiday
Inn Express & Suites Fort Lauderdale, a 156-room hotel in Plantation,
Florida.
HFF
marketed the property on behalf of the seller, Vista Hospitality Company. Waramaug LS Hotels, LLC purchased the
offering free and clear of debt.
The
property is located at 1701 North University Drive less than five miles from
Sawgrass Mills Mall and the BB&T Center and is proximate to major offices
and headquarters for companies including Motorola, American Express and
AT&T.
Renovated in 2011,
the hotel features 3,600 square feet of meeting space and amenities including
an outdoor pool, fitness center and business center.
The
HFF investment sales team representing the seller was led by associate director
Michael Weinberg along with director Max Comess and associate
director Paul Hsu.
“We are seeing strong demand throughout Florida and the rest
of the country for high-quality limited- and select-service assets with top
brands,” commented Weinberg.
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| Max Comess |
Weinberg continued, “The seller did a masterful job on the
renovations and ramping up the asset’s performance to get us to a point where
there was strong demand from investors.
We chose a highly qualified, well-capitalized buyer that performed
exactly as they promised they would.
This was a great execution for both parties.”
HFF’s
Hotel Group has been active in the sale and financing of similar upscale,
select-service hotels across the country.
In 2013, the firm financed or sold 77 hotels and resorts, which included
many select-service hotels, with sale prices and loan proceeds ranging from $5
million to more than $500 million.
With
offices in Kitchener, Ontario and Binghamton, New York, the Vista Hospitality
Group owns and operates hotels, resorts and other commercial properties
throughout Ontario, Quebec, New York, South Carolina and Florida.
Offering more than 2,700 rooms, Vista has developed
sophisticated information management systems that form the basis of a highly
efficient and effective organizational structure.
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| Paul Hsu |
The Vista Management
Executive Team is extremely diverse and has acquired a reputation for proven
performance at all of its properties.
More information is available at www.vistahospitality.com.
Waramaug LS Hotels, LLC, based in Boca Raton, Florida, is a
privately held investment group formed in 2013 by Paul Nussbaum, Paul Stern
and another senior hotel professional.
Waramaug LS Hotels focuses on acquiring legacy branded
select-service hotels in strong secondary and tertiary markets throughout the
United States.
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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