Equity Management Partners buys Sheraton Suites Fort Lauderdale at Cypress Creek

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

TRD 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
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Aman tower planned for Faena Versailles site in Miami Beach advances

Aman tower planned for Faena Versailles site in Miami Beach advances
Susan Gale and Variety Miami Beach

Miami Beach hotel facing foreclosure hits market for $37M

Miami Beach hotel facing foreclosure hits market for $37M
Art Basel 2019 (Credit: Art Basel)

How Art Basel Miami Beach’s cancellation will impact real estate

How Art Basel Miami Beach’s cancellation will impact real estate
777 North Ocean Drive, Hollywood (Credit: Google Maps)

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
President Trump and Mar-a-Lago Club (Credit: Joe Raedle/Getty Images, and Pete Marovich/Getty Images)

Trump faces $1.5M in Palm Beach County property taxes

Trump faces $1.5M in Palm Beach County property taxes
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
From left: 1900 Collins Avenue (Top), 229 19th Street, 1925 Liberty Avenue and 227 19th Street (Credit: Google Maps)

Contractor alleges unpaid work at Lennox Miami Beach hotel, amid legal battle between father-in-law and son-in-law

Contractor alleges unpaid work at Lennox Miami Beach hotel, amid legal battle between father-in-law and son-in-law
arrow_forward_ios

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

Loading...