Delray Beach firm pays $16.3M for Courtyard Marriott in Coral Springs
The hotel traded for more than double its last sale price in 2015
Delray Beach-based Boulder Hotel Management just paid $16.25 million for the Courtyard by Marriott hotel in Coral Springs, according to a release.
The 110-unit hotel at 620 North University Drive sold for about $148,000 per room. The buyer is entity Boulder Hotel Coral Springs LLC, linked to Boulder Hotel Management, managed by Malcolm Berman.
Property records show Boulder Hotel Management Co., paid $12.5 million for the property. The additional $3.75 million likely includes furnishings for the hotel, which recently went through renovations, according to its website.
Records show Ontario-based Vista Group of Companies sold the company under entity Vista Coral Springs Hotel LLC, managed by Amir Visram. Vista bought the property in 2015 for $6.9 million, meaning the hotel traded for more than double its last selling price.
HTL Hospitality Advisors’ Bryan L. Gipson was the listing agent. He also secured the buyer, according to an HTL release. The hotel sits on nearly 3 acres and was built in 2002. Amenities include an outdoor pool, fitness center and meeting spaces.
Vista, known for turning around properties, owns and operates commercial real estate in New York, Florida, South Carolina, Quebec and Ontario, according to its website.
Boulder Hotel Management Company has an estimated property value of $22 million, according to Real Capital Analytics data.
Harunobu Coryne contributed reporting.