The Real Deal Miami

Courtyard Marriott in Coral Springs flips at loss

110-room hotel last sold for $7M in January 2015

May 05, 2015 09:45AM
By Katherine Kallergis

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Courtyard Marriott in Coral Springs

Courtyard Marriott in Coral Springs

A Courtyard Marriott in Broward sold for $100,000 less than its last sale price — in January of this year.

New York-based Garrison Investment Group sold the nearly 3-acre site to an affiliate of Vista Hospitality, a Canadian real estate investment company. Vista obtained a $5.6 million mortgage from BankUnited, records show.

The 110-room hotel traded hands for $6.9 million this week, according to Broward County records. In January, Garrison paid $7 million for the site. Before that, the hotel sold for $6 million in June 2007.

The four-story building, built in 2001, sits on a 124,954-square-foot lot at 620 North University Drive. It’s located south of West Atlantic Boulevard and west of North University Drive. The hotel has a fitness center, outdoor pool, whirlpool and restaurant.

Vista Hospitality owns hotels in Orlando, Kissimmee, Ontario, Quebec and New York, according to the company’s website.

Garrison’s CFO, Brian Chase, signed the deed transfer. In June 2014, a company tied to Garrison Investment Group sold a Hialeah Ramada Inn for $13.5 million.