The Real Deal Miami

Marriott Harbor Beach’s ground lease interest nets $49M

November 30, 2011 03:44PM

U.S. Realty Advisors acquired the ground lease interest on Marriott Harbor Beach Resort & Spa for $48.6 million, according to the South Florida Business Journal.

The 16.5-acre oceanfront parcel is located at 3030 Holiday Drive in Fort Lauderdale and contains the 15-story, 650-room hotel. The hotel is controlled by Host Hotels and Resorts, which has 93 remaining on the lease. The ground lease previously belonged to Northwestern Mutual which tapped Holliday Fenoglio Fowler to market the property.

The hotel has direct beach access, three restaurants, a 22,000-square-foot spa and a 100,000-square-foot function space. [SFBJ]