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| Alexandra Lalos |
MIAMI, FL - HFF announced it has closed the sale of two
full-service hotels in Fort Lauderdale, Florida, The Sheraton Fort
Lauderdale Airport, and the DoubleTree Sunrise at Sawgrass Mills.
The HFF Hotel Group team including Daniel C. Peek, Max
Comess, Cyrus Vazifdar and Alexandra Lalos in the firm's Miami and
Tampa offices arranged the sales.
The Sheraton Fort Lauderdale Airport is a 250-room
full-service hotel located at the corner of Interstate 95 and Griffin Road, on
the southwest corner of the Fort Lauderdale/Hollywood International
Airport. HFF represented the seller,
HEI Hotels & Resorts, in the transaction.
Cohen Brothers Realty, the owner of the adjacent Design Center of the
Americas, purchased the property.
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| Max Comess |
“The property was hotly sought with over 20 groups
submitting offers for the hotel, which included additional development rights on
the prime, six acre site,” said Max Comess, director in HFF’s Hotel Group. “An attractive attribute of the opportunity
was the closure and demolition of the adjacent Hilton Hotel, the Sheraton's
primary competitor, to make room for the $2.3 billion expansion of the
international airport.”
"There is unprecedented interest in the Broward County lodging
market and many investors believe that Fort Lauderdale is the new Miami,"
added Comess. "Several groups that
attempted to enter the Miami market previously are now attracted to Broward due
to the same trends of rapidly growing demand, international visitation, and
major investment in tourism infrastructure that benefited Miami in the last
investment cycle."
The
DoubleTree Sunrise at Sawgrass Mills is a 250-room full-service hotel, located
at the southern entrance to Sawgrass Mills.
HFF represented the seller, Long Wharf Real Estate Partners, in the
transaction. The property, previously a
Crowne Plaza, had recently undergone major renovations following its conversion
to Hilton's DoubleTree brand.
“The hotel benefits from the substantial growth of the
western Broward office markets and the global appeal of Sawgrass Mills Mall,
the most-visited international tourist attraction in Florida behind Disney
World,” said Daniel C. Peek, HFF senior managing director and Hotel Group
leader.
"The market for quality full-service hotels located outside of
traditional city centers is back and vibrant," added Peek. "With business and leisure travel
booming and a near generational low in new supply, investors are finding
strongly performing hotels and tremendous value in choice locations around
office parks, airports, and shopping malls."
The
two sales are the latest in a string of recently-closed South Florida hotel
transactions orchestrated by HFF. Last
month, the team announced the sale of the historic Raleigh Hotel in South Beach
to Tommy Hilfiger's newly-formed hospitality company, The Raleigh Group. HFF has also closed the sale of the Holiday
Inn Express in Plantation this year, and previously handled the sales of the
Ritz-Carlton Fort Lauderdale and the Marriott Harbor Beach ground lease, both
on Fort Lauderdale Beach.
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| Cyrus Vazifdar |
"South Florida's hospitality and commercial real estate markets are
attracting investment interest on a global scale," notes Manny de Zarraga,
executive managing director and HFF Florida leader.
"While valuations for attractive opportunities are reaching
all-time highs, South Florida still offers tremendous value and upside
potential when compared to other international gateway markets."
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel
617.543.4873 | www.hfflp.com
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