Equity Management Partners buys Sheraton Suites Fort Lauderdale at Cypress Creek

253-key hotel recently reopened after damage caused by Hurricane Irma

Miami /
Mar.March 29, 2018 09:45 AM

Sheraton Suites Fort Lauderdale at Cypress Creek lobby and Ben Mallah III (Credit: Sheraton Suites and LinkedIn) 

A company led by Equity Management Partners’ Benjamin Mallah just picked up the Sheraton Suites Fort Lauderdale at Cypress Creek for $18.25 million, property records show.

Mallah, who specializes in rehab projects, bought the 253-key, all-suite hotel at 555 Northwest 62nd Street shortly after it reopened after closing in September due to water damage caused by Hurricane Irma. The trade breaks down to about $72,130 per room.

Records show the buyer financed the deal with a $15.6 million loan from Valley National Bank.

The seller is an affiliate of the private equity firm Platinum Equity. The Beverly Hills, California-based company paid $9.5 million for the property in 2012.

The eight-story hotel, just west of North Andrews Avenue, has frontage along Cypress Creek Road and includes Terrace 555 Restaurant & Bar. Other amenities include a pool, a club lounge, event and meeting space, and a fitness center.

Cypress Creek has one of the heaviest concentrations of office buildings in Broward County, with almost 4.1 million square feet of office space, according to CBRE. A new planned development, Uptown Urban Village, is slated to bring 2,560 residential units and 450 hotel rooms to a 353-acre area.

In January, Everwood Hospitality Partners bought a Sheraton Suites hotel in Plantation for $24.7 million. The 264-room hotel is near Art Falcone’s Plantation Walk development site, where Falcone’s Encore Capital Management is building a $350 million mixed-use project that will include 700 apartments, plus 200,000 square feet of retail stores and restaurants.


Related Articles

arrow_forward_ios
Developer Jeffrey Soffer and the JW Turnberry resort at 19999 West Country Club Drive in Aventura (Getty, TripAdvisor)
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao's, Google Maps, Getty)
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Iconic NYC eatery Rao’s to open at Loews Miami Beach
G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)
Blackstone sells five South Florida budget hotels for $61M
Blackstone sells five South Florida budget hotels for $61M
Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue (James L. Knight Center) (LinkedIn, Gencom, Arquitectonica)
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
NR Investments' Ron Gottesmann and Nir Shoshani (top) and a rendering of  the development in Allapattah (NR Investments, DPZ CoDesign)
NR Investments wants to build mixed-use complex in Miami’s Allapattah
NR Investments wants to build mixed-use complex in Miami’s Allapattah
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, Banyan Cay, Illustration by The Real Deal with Getty)
Developers of troubled West Palm resort project facing $61M foreclosure
Developers of troubled West Palm resort project facing $61M foreclosure
Jamestown CEO Matt Bronfman and the 727 Collins Apartments at 727 Collins Avenue in Miami Beach (Getty, Google Maps, Jamestown)
Former low-income South Beach apartments hit market as possible hotel conversion
Former low-income South Beach apartments hit market as possible hotel conversion
From left: Witkoff’s Steve Witkoff and Monroe Capital’s Theodore Koenig with the Shore Club
Witkoff, Monroe sued over alleged “crooked and secretive land grab” of Shore Club in South Beach
Witkoff, Monroe sued over alleged “crooked and secretive land grab” of Shore Club in South Beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...