The Real Deal Miami

Sonesta Fort Lauderdale buyer closes $65M purchase

New owner completed rebranding of former B Ocean property last week

June 05, 2014 12:45PM

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999 North Fort Lauderdale Beach Boulevard

999 North Fort Lauderdale Beach Boulevard

Hospitality Properties Trust’s $65 million acquisition of the Sonesta Fort Lauderdale hotel officially closed.

The company completed the conversion of the former B Ocean Fort Lauderdale at 999 North Fort Lauderdale Beach Boulevard last Friday. Broward County recorded its purchase of the 240-room hotel on Wednesday. Hospitality Properties Trust did not obtain financing.

Insite Sunrise Beach of Weston Beach sold the hotel to the trust. The company paid nearly $14 million for the three-property site in March 2009. Ben Shmul signed the deed as Insite’s director.

The hotel is Fort Lauderdale’s first Sonesta property. The new owner does not anticipate making major changes to the hotel but plans to incorporate some minor amenities, including new pool decorations and refrigerators in guest rooms. Most of the existing staff is being retained. — Eric Kalis

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