Rockwood Capital sells Courtyard Marriott in Boynton Beach

Investor Malcolm Berman paid $19.6M for hotel, adjacent retail

Jan.January 23, 2018 08:45 AM

Courtyard by Marriott Boynton Beach and Rockwood Capital’s Peter J. Falco

Rockwood Capital just sold a Courtyard by Marriott hotel and retail in Boynton Beach at a loss, property records show.

Boulder Hotel Boynton Beach LLC, a company tied to Delray Beach investor Malcolm Berman, paid $19.6 million for the 170-key hotel at 1401 and 1601 North Congress Avenue. Oprock Boynton Fee LLC, a company tied to Rockwood, sold the 8.1-acre property.

The deal includes space leased to KLA Schools of Boynton Beach, a preschool, and a standalone Buffalo Wild Wings restaurant. The site last traded hands for $27.8 million in 2007, according to property records. The hotel was built in 1988 and includes a gym and pool.

Berman is a former chairman of Fairfax Savings in Baltimore, according to published reports. In August, Berman’s Boulder Hotel Management paid $16.25 million for the Courtyard by Marriott hotel in Coral Springs.

Rockwood Capital still owns other property in South Florida. In 2017, a partnership between Rockwood and Thor Equities listed a large development site in Wynwood for $45 million. That assemblage is approved for a 12-story, mixed-use residential building with roughly 300 units, retail space and parking.

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