Key International and Wexford buy Pompano Beach hotel for $ 54 million – Commercial Observer
International key and Wexford Real Estate Investors bought a beachfront hotel in Pompano Beach for $ 54 million, buyers said.
The key 219 Fort Lauderdale Marriott Pompano Beach Resort & Spa is located at 1200 N Boulevard de l’Océan, between 12th and 13th streets NE. The hotel comprises three buildings of over 4.2 hectares, a spa and two restaurants.
The buyers are planning a “major renovation” by creating a new pool deck and renovating the rooms and restaurants. Synove provided acquisition financing, which also includes renovation financing, according to buyers. A buyer’s representative declined to disclose the amount.
The Seller, New York-based real estate investment company Pan American Actions, bought the property for $ 45.1 million Carlyle Group in 2018, by property file. A representative for Pan Am did not immediately respond to a request for comment.
APEX Capital Realty‘s Miguel Pinto and Garrick benabe represented the seller. Ovy anghel, also from APEX, joined the duo to represent buyers.
The purchase marks the third agreement between Miami-based Key International and West Palm Beach-based Wexford Real Estate Investors. Together they own resorts in Panama City Beach, Jacksonville and Fort Lauderdale.
Key International alone has two hotels in Miami Beach, Eden Roc Resort and Marriott Stanton South Beach Hotel, managing more than $ 1.5 billion in total real estate assets, according to the company. Wexford Real Estate Investors, an offshoot of Capital Wexford, claims to have invested more than $ 650 million in real estate equity since 2010.
Pompano Beach, a sleepy seaside town between Boca Raton and Fort Lauderdale, is undergoing a major redevelopment.
Less than a kilometer from the Marriott hotel, the Related group is development two high-end condos, for which he secured a $ 91 million construction for one of the projects in September. Fortune International Group and Oak Capital develop a Ritz Carlton Hotel-branded residential high-rise building.
In recent months, South Florida hotel sales have increased thanks to the return of travelers after the initial rollout of the COVID-19 vaccine.
Pebblebrook Hotel Trust say it purchased the Margaritaville Hollywood Beach Resort for $ 270 million in September, making it South Florida’s most expensive hotel acquisition of the year to date. A month later, Wheelock Street Capital paid $ 106.4 million for a West Palm Beach hotel. Wire properties sold a Brickell hotel for $ 174 million in October as well.