Brookfield pays $171M for Hilton Fort Lauderdale Marina

Brookfield also owns the Diplomat Resort & Spa Hollywood

Miami /
Jun.June 16, 2018 04:49 PM

Hilton Fort Lauderdale Marina, Paul Weimer and Christian Charre of CBRE

The Blackstone Group just sold the Hilton Fort Lauderdale Marina to Brookfield Asset Management for $170.6 million, marking one of the biggest South Florida hotel sales in recent years.

Blackstone sold the 589-room hotel at 1881 Southeast 17th Street to Brookfield subsidiary Thayer Lodging Group for about $290,000 per key, property records show. The 9-acre property fronts the Intracoastal Waterway and includes a 33-slip marina.

The hotel ranks as the third-largest in Broward County, after the Diplomat Resort & Spa Hollywood, which has 998 rooms, and the Marriott Harbor Beach, with 650 rooms.

Brookfield, a global asset manager with about $285 billion in assets, also owns the Diplomat property.

The property hit the market about a year ago. CBRE’s Christian Charre, Paul Weimer, Natalie Castillo and Jennifer Jin represented Blackstone.

Records show FL Grande LLC, led by Blackstone’s global head of real estate Jonathan Gray, purchased the property from Host Marriott in 2006, likely as part of a larger deal. In 2006, Blackstone acquired the hotel REIT MeriStar Hospitality Corp., which owned 57 hotels under the Hilton, Sheraton, Marriott, Ritz-Carlton, Westin, Doubletree and Radisson brands in the U.S., for $2.6 billion.

The Hilton Fort Lauderdale was built in 1980 and 1981, records show. CBRE’s Charre previously said the hotel has been renovated several times, most significantly in 2008.

At least two other hotels are being marketed for sale in Fort Lauderdale Beach and the surrounding area, including the W Fort Lauderdale, which is asking $795,000 per key or about $275 million.


Related Articles

arrow_forward_ios
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
The Fairwind Hotel and Joseph Chetrit (Getty, Fairwind)
Chetrit Group sells Miami Beach hotel for $42M
Chetrit Group sells Miami Beach hotel for $42M
Renderings of the project Courtesy of Pebb Capital
JV plans high-end offices at old Bancroft Hotel in South Beach
JV plans high-end offices at old Bancroft Hotel in South Beach
Blackstone chair, CEO and co-founder Stephen Schwarzman and RangeWater Real Estate CEO Steven Shores with the complex (Getty, LinkedIn via Shores, One Boynton)
Blackstone buys Boynton Beach apartment complex for $171M
Blackstone buys Boynton Beach apartment complex for $171M
JHSF's Fábio Auriemo with Como Metropolitan Miami Beach hotel (Susan Gale Group / One Sotheby’s International Realty)
Brazilian real estate giant JHSF buys oceanfront Miami Beach hotel, plans first Fasano
Brazilian real estate giant JHSF buys oceanfront Miami Beach hotel, plans first Fasano
The Variety Hotel (Getty)
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
arrow_forward_ios

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

Loading...