Property records revealed Friday the price of a Massachusetts-based company’s hotel acquisition in Pompano Beach: $24.8 million.
At the time of the sale, $21.5 million in financing for the deal was issued by U.S. National Bank. The newly released price breaks down to $281,818 per room.
The beachfront hotel, at 1350 North Ocean Boulevard, has 88 hotel rooms, a wedding chapel, two swimming pools, an on-site restaurant and 2,500 square feet of conference space. Its largest amenity is a 20,000 square foot fitness and spa facility.
It was once an independent condo-hotel called the Spa Atlantis Ocean Resort, where investors purchased units and leased them back to the management, which would then rent them out to guests.
But a 2003 federal lawsuit alleged the management, Spa Atlantis LLC and Chai Development LLC, stiffed the owners for their payments. The suit was eventually dismissed in 2005: it’s unknown what agreement the two parties reached, but Chai sold off all the units in bulk to a Minnesota company that same year.
Mercury Investment, the property’s new owner, re-branded the condo-hotel as Ocean Sands Spa & Resort Residences, and later brought on Concord Hospitality Enterprises and Aztec Group as partners in 2009.
Then in 2010, the hotel underwent its final re-branding as the Residence Inn by Marriott Pompano Beach/Oceanfront, under which it operates today.