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| 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.
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| 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.”
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| 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.
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| 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
