Stambul pays $14M for Clarion hotel in Fort Lauderdale, plans redevelopment
The developer behind the Langford Hotel in downtown Miami just closed on a property in Fort Lauderdale with plans to redevelop it into a boutique hotel.
Miami-based Stambul, led by principal Daniel Pena Giraldi, paid $13.75 million for the 145-room Clarion Inn near Galleria Mall. Sunrise Hotel LLC, which is controlled by Ben Mallah of Largo, Florida-based Equity Management Partners, sold the property at 1055 North Federal Highway. City National Bank provided financing for the acquisition.
Perry Alan Simowitz represented the seller, and Ritu Rani Pahwa of RelatedISG and Fabian Graff of Metro 1 Commercial represented Stambul. The hotel sold for about $95,000 per room.
SMS Hospitality will manage the hotel, which is no longer a Clarion, according to Simowitz. Stambul plans to temporarily rename the property The Link and will start phased renovations of the exterior facade, landscaping, and amenities like food and beverage components in about six months. The hotel will remain open throughout, Pena Giraldi said. Construction should be completed in about 14 months. The rooms were recently renovated by the previous owner. Property records show Equity Management paid $8.25 million for the site in 2014.
The Miami developer said he’s not trying to replicate the Langford, but to reposition the property so that it’s more of a lifestyle hotel and less of a “truck-stop hotel.” He declined to say how much Stambul will invest in the renovation. Bloommiami is handling the design.
“We feel that Fort Lauderdale is in need of a product like [the Link], similar to the Langford, which is taking a building that is not necessarily at its best use and making it a community place,” he said.
Stambul and Trust Hospitality opened the Langford about a year ago in downtown Miami’s Flagler district. The historic Miami National Bank building, built in 1925, was converted into a hotel with restaurants and bars by the Pubbelly Restaurant Group.
Across the street from the Fort Lauderdale property is Riva, a 100-unit luxury condo building under construction. Nearby, Keystone-Florida Property Holding Corp. plans to build a mixed-use residential development on Galleria Mall land.
“We think Fort Lauderdale has legs,” Tony Cho, founder and CEO of Metro 1, said. “There’s a desire for people who live there for more creative and interesting options.”