The Real Deal Miami

AVR Realty pays $69M for Boca Marriott

Seller Carey Watermark Investors renovated the 256-key hotel
By Katherine Kallergis | January 30, 2018 12:30PM

Boca Raton Marriott at Boca Center and AVR CEO Allan V. Rose

AVR Realty Co. of Yonkers, New York just paid $69.3 million for the Boca Raton Marriott at Boca Center, property records show.

New York-based Carey Watermark Investors sold the 256-key hotel at 5150 Town Center Circle for about $271,000 per room. The buyer, AVR Boca Center Hotel LLC, financed the deal with a $60 million mortgage from M&T Bank.

The 12-story Marriott was built in 1987 on a 2.5-acre site and includes about 17,000 square feet of meeting space, a pool and gym. It’s near Town Center at Boca Raton.

Carey Watermark paid nearly $58 million for the Marriott in 2014 with plans to spend $7 million renovating the hotel. In South Florida, the real estate investment trust has been relatively quiet since 2015 when it paid $328.6 million for a majority stake in the Ritz-Carlton Key Biscayne.

AVR Realty, an investment and development company led by Allan V. Rose, also owns the Marriott Courtyard Convention Center Hotel in downtown Miami and apartment complexes in Davie and Pembroke Pines, according to its website.

Hotel investment sales activity is slowing picking up in South Florida. Miami’s hotel industry had one of the strongest fourth quarters of any market in the country last year, thanks in part to increased demand following the devastation caused by hurricanes in the fall.