Blackstone sells Weston hotel for $12M

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

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.

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