Hank Freid buys Marriott-branded Pompano Beach hotel for $44M
This is Freid’s second hotel acquisition in Pompano Beach
UPDATED, Sept. 23, 11:20 a.m.
Freid’s Brancolt LLC bought the 106-room Residence Inn by Marriott Fort Lauderdale Pompano Beach at 1350 North Ocean Boulevard for $415,094 per room. Bridgewater, Massachusetts-based Claremont Companies sold the hotel.
The hotel totals 115,200 square feet and is two properties away from the Fort Lauderdale Marriott Pompano Beach Resort & Spa. Brancolt LLC secured a $29 million loan from Bank of America to buy the property.
Claremont Companies last purchased the hotel for $24.8 million in 2015. It was built in 2002, records show.
This is the second hotel that Freid has purchased in Pompano Beach. In October of last year, Freid’s hospitality company, Impulsive Group, paid $21 million for the waterfront Sands Harbor Resort & Marina in Pompano Beach. Freid’s son, Brandon, is a partner in both the Pompano Beach hotel deals, according to a spokesperson for Impulsive Group.
Freid recently reached a settlement with New York City after the city’s Office of Special Enforcement found that his firm, Branic International Realty, transformed a residential building on the Upper West Side into an illegal hotel. Freid agreed to pay a $274,400 penalty.
Developers are increasingly looking at Pompano Beach as a hotspot for new waterfront development. Sabbia Beach, a 19-story, 68-unit condo tower at 730 North Ocean Boulevard is in the final stages of completion.
Dev Motwani is planning to build a 27-story condo building at 1350 South Ocean Boulevard.
Miami-based Lionheart Capital is looking to construct a two-building luxury condo project at 1380 South Ocean Boulevard that would include a 35-story, 354-foot tall building – the city’s tallest – and a 14-story building.