A company tied to New York’s the Blackstone Group paid $12 million for a Marriott-branded hotel in Boca Raton.
BRE Newton Hotels Property Owner acquired the Residence Inn Boca Raton at 525 Northwest 77th Street in a transaction recorded on Monday, according to Palm Beach County records. LES Res Boca Raton of Dallas sold the 120-room hotel to BRE. The property last traded for about $7 million in 1988, the year the hotel was constructed.
The Blackstone company added the hotel to an existing $570 million portfolio loan from Deutsche Bank’s German American Capital Corp. and JPMorgan Chase Bank.
Blackstone is stepping up its South Florida investment activity. Earlier this month, the private equity firm provided $290 million in financing for the Surf Club project in Surfside and $120 million for the Biscayne Beach condo development in Miami’s Edgewater neighborhood. — Eric Kalis