Fort Lauderdale’s Westin Beach Resort and Spa has been sold for $149 million.
The sale, which closed on Dec. 3, is for the 433-unit, 465,731-square-foot hotel at 321 North Fort Lauderdale Beach Boulevard. Seller A1A Trader LLC paid $36 million for the property in 2005, plus an undisclosed amount for the hotel business.
The real estate was valued at $86 million for the current deal, according to the Daily Business Review. Buyer DiamondRock Hospitality Co., which trades on the New York Stock Exchange, is entering the South Florida market through this deal. DiamondRock also signed a management agreement with HEI Hotels & Resorts of Connecticut to operate the hotel.
“This acquisition represents the successful recycling of capital from slower growth assets into a high-quality hotel located in a high-growth, target market,” Mark W. Brugger, chief executive of DiamondRock, told DBR. [Daily Business Review] – Chris Guanche