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London + Regional Properties buys Fort Lauderdale Marriott hotel
The 315-key hotel sold for $154K per room
Procaccianti Companies sold a Marriott hotel in north Fort Lauderdale to London + Regional Properties, records show.
The Cranston, Rhode Island-based company sold the 315-key hotel at 6650 North Andrews Avenue for about $154,000 per room. An affiliate of London + Regional Properties secured a $24.9 million loan from Wells Fargo to acquire the property.
Procaccianti paid $35 million for the hotel in 2006, according to property records. It was built in 1986 and is near I-95.
London + Regional Properties, a U.K.-based luxury hotel and resort company, recently bought the Palm House Hotel in Palm Beach for $39.6 million. In January, the company paid nearly $49 million for the Pullman Miami Airport hotel at 5800 Blue Lagoon Drive in Miami.
Procaccianti was founded in 1958 and has completed real estate deals worth more than $10 billion, according to its website. In 2017, the company paid $9.2 million for a 11,600-square-foot office building at 231 Royal Palm Way in Palm Beach.
In South Florida, thousands of new hotel rooms are hitting the market, which is driving down occupancy rates. In the first quarter, the hotel occupancy rate in Broward County fell to 83.5 percent, about a percentage point drop from last year, according to hospitality industry monitor STR.