Blackstone sells Weston hotel for $12M

Blackstone paid $10M for the 94-key hotel in 2016

Miami /
Dec.December 04, 2019 04:30 PM
Blackstone CEO Stephen A. Schwarzman and 1545 Three Villages Road (Credit: Google Maps)

Blackstone CEO Stephen A. Schwarzman and 1545 Three Villages Road (Credit: Google Maps)

Blackstone sold a 94-key Marriott hotel in Weston for $12.38 million, three years after purchasing the property.

The New York-based private equity firm sold Towneplace Suites by Marriott at 1545 Three Villages Road for $131,702 per key, records show. Coral Gables-based Kenne RE, led by Gustavo Blanco, purchased the property.

The buyer secured a $10.3 million mortgage from Starwood Capital Group to finance the acquisition.

Blackstone paid $10.2 million for the hotel in 2016, records show. It was built in 2002 and totals 50,237 square feet. The property is near I-75 and the Weston Hills Country Club in the far western part of Broward County.

Blackstone has been an active investor in South Florida’s hotel and multifamily markets. In July, the company scooped up three Broward hotels for $43.2 million.

In May, Blackstone paid $208.8 million for a pair of neighboring apartment complexes in Doral.


Related Articles

arrow_forward_ios
Stephen Schwarzman with the site (Getty, Google Maps)
Blackstone pays $21M for Doral industrial dev site
Blackstone pays $21M for Doral industrial dev site
Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Blackstone's Jon Gray and 2MiamiCentral (Getty)
Blackstone inks lease at MiamiCentral in downtown Miami
Blackstone inks lease at MiamiCentral in downtown Miami
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)
South Florida’s biggest real estate stories of 2020
South Florida’s biggest real estate stories of 2020
v
Investors buy Weston office building for $9M
Investors buy Weston office building for $9M
Shelborne South Beach and Seagull Hotel (Shelborne, Google Maps)
Here are South Florida’s biggest hotel sales in 2020
Here are South Florida’s biggest hotel sales in 2020
The Gale Hotel with Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)
Former actor sells Miami Gardens hotel for $6M
Former actor sells Miami Gardens hotel for $6M
arrow_forward_ios

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

Loading...