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| Residence Inn by Marriott Fort Lauderdale Pompano Beach/Oceanfront, Pompano Beach, FL |
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| Rachel Chang |
MIAMI, FL – Holliday
Fenoglio Fowler, L.P. (HFF) and Aztec Group Inc. announced today that they have
closed the sale of the Residence Inn by
Marriott Fort Lauderdale Pompano Beach/Oceanfront, an 88-room,
full-service, oceanfront resort hotel in Pompano Beach, Florida.
HFF and Aztec marketed the
hotel on behalf of the seller, MIC Atlantis LLC, a venture between Concord
Hospitality, Mercury Investment and Mayan Properties, an affiliate of Aztec
Group.
Claremont Companies purchased the asset free and clear of the debt and
will assume property management responsibilities.
The Residence Inn Fort
Lauderdale Pompano Beach/Oceanfront was originally constructed as the Ocean
Sands condominium hotel in 2002 and was redeveloped in 2009 into the all-suite
Marriott-branded resort hotel.
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| Boaz Ashbel |
The property features
direct beach access with two swimming pools, whirlpool, wedding chapel, fitness
facility, spa/salon services and more than 2,500 square feet of meeting
facilities.
All guest suites have
private balconies, and the Ocean Bistro & Lounge on-site restaurant offers
a full bar and outdoor patio seating.
The resort has 110 feet of Atlantic Ocean frontage and is located at the
termination of the Northeast 14th Street Causeway at A1A in Pompano Beach, a
Broward County beach community midway between Fort Lauderdale and Boca Raton.
The offering also included an adjacent parking
lot site that contains development rights that could be used for a future
expansion of the hotel or construction of residential units.
The recently redesigned and renovated Greg
Norman Signature Pines Golf Course and Pompano Citi Centre’s shops and
restaurants are all less than two miles from the resort.
The HFF investment sales
team was led by Max Comess and Scott Wadler. Aztec was led by Boaz Ashbel and Rachel
Chang.
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| Max Comess |
“The transaction of the
Residence Inn Pompano provides further evidence of the unprecedented growth
occurring across Broward County’s booming hotel market in what were
traditionally secondary submarkets,” Comess said.
“Savvy national and
international investors are focusing in on areas like Pompano Beach, Lauderdale
by the Sea and Deerfield Beach to find attractive opportunities with strong
performance and less competition”.
“The sale of this
Residence Inn by Marriott garnered significant investor demand given the
property’s oceanfront location, strong performance and the region’s robust
hotel market,” Ashbel added.
“We worked
closely with HFF to execute this complex transaction that encompassed both
hotel and condo components, securing favorable terms for the seller.”
The HFF Hotel Group has
been particularly active in Broward County, having successfully closed the
sales of Il Lugano, Sheraton Fort Lauderdale Airport, DoubleTree Sunrise at
Sawgrass Mills and the Holiday Inn Express Plantation in the past 18 months.
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
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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