Vista Property Management buys Deerfield Beach hotel for $22M

New York-based Garrison paid $14M for the property in 2014

TRD MIAMI /
Aug.August 03, 2018 01:30 PM

DoubleTree by Hilton Hotel Deerfield Beach-Boca Raton and Ally Visram, co-founder of Vista Property Management

Garrison Investment Group just sold a DoubleTree hotel in Deerfield Beach for $22.3 million, almost 60 percent more than what it paid for the property in 2014.

Garrison sold the 220-room DoubleTree by Hilton Hotel Deerfield Beach-Boca Raton to a subsidiary of Vista Property Management for $101,000 per key, property records show. The acquisition marks a return into South Florida’s hotel market for Vista, which previously owned and managed properties in Plantation and Coral Springs, according to the company’s website. Vista financed the purchase with a $20 million loan from Miami Lakes-based BankUnited.

The deal highlights the strength of the Broward hotel market, where properties are being sold at significant markups from their previous sales prices just a few years ago. Garrison Investment Group, a New York-based distressed asset manager, paid $14 million for the hotel at 100 Fairway Drive in 2014.

The 162,600-square-foot hotel sits on a 270,500-square foot lot just off I-95 in between Fort Lauderdale and Boca Raton. It was built in 1985 and has 17,700 square feet of meeting space and a restaurant, Spotted Stag Gastropub.

Binghamton, New York-based Vista Property Management, led by Ally Visram and his brother Amin Visram, owns hotels throughout the United States, including the Marina Inn at Grande Dunes in Myrtle Beach and the Crown Plaza in downtown Orlando.

A number of hotels are being marketed for sale in nearby Fort Lauderdale. In June, Blackstone Group 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.


Related Articles

arrow_forward_ios
Jeffrey Soffer and Fontainebleau Miami Beach

Fontainebleau Miami Beach reveals proposed addition

From left: Howard Sands, Scott Tracy, and Kenton Wright

Walgreen sells store near Boca Raton for $9M

Renderings of the project

Proposed project in Dania Beach combines a hostel with recording studio

1111 Southwest 30 Avenue (Credit: Google Maps and iStock)

Vitamin company sells warehouse in Deerfield Beach for $22M

Shane Neman, and Mauricio Bello Richard Waserstein, with 525 Northwest 77th Street Marriott in Boca

Blackstone sells Marriott hotel in Boca Raton

JB’s on the Beach and Native Realty's Jaime Sturgis (Credit: Google Maps)

JB’s on the Beach site hits the market for $18M

1310 West Lantana Road

Motel 6 in Lantana sells to Hare Krishna company for $6M

Clockwise from left: AC Hotel Midtown Miami, E11even and the Gabriel Miami (Credit: iStock, Wikipedia)

$1K a night, easy: South Florida hotels score high rates for Super Bowl LIV

arrow_forward_ios
Loading...