Noble Investment Group buys Marriott Renaissance for $48M
Atlanta-based Noble Investment Group purchased a Renaissance by Marriott Fort Lauderdale, according to Broward County records, for $48.1 million this week.
The Renaissance by Marriott Fort Lauderdale Cruise Port Hotel, at 1617 Southeast 17th Street, was built in 2001. It includes a pool, spa, business center, gym and restaurant. The 254,600-square-foot hotel includes more than 10,000 square feet of flexible meeting and boardroom space, according to a Noble Investment Group press release.
RFL MTGL8, managed by Diego Rico, was the seller. The Palm Beach Gardens-based company paid $40 million for the 3.3-acre property in December 2012, Broward property records show.
“The Fort Lauderdale market continues to experience robust economic growth which we believe the Renaissance Fort Lauderdale Cruise Port is uniquely situated to capitalize on,” Noble principal Ben Brunt said in the release. “This investment is reflective of Noble’s strategy to acquire transient-oriented, well-located assets, in high barrier to entry markets.”
General Electric Capital Corp. granted the buyer a $38.1 million mortgage, according to Broward County records. The hotel is located near the coast, east of South Federal Highway.