Blackstone sells Weston hotel for $12M

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

TRD 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
321 North Federal Highway and a rendering of the project (Credit: Google Maps)

Dania Beach approves Avid Hotel on Federal Highway

Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

Susan Gale and the South Beach hotels

South Beach hotels hit the market for $24M

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

Sleep Inn Miami Airport, Holiday Inn Express Miami Airport Central Miami, Gabriel Shamay and David M. Greenberg (Credit: Google Maps)

Amid supply surge, 2 hotels near MIA sell for $21M

Javier Rabinovich and 2301 Southwest 12 Avenue (Credit: Google Maps)

Privé Group snags hotel near Fort Lauderdale airport for $17M

Rendering of hotel addition at Sterling Building (Credit: Kobi Karp Architecture & Interior Design)

Sterling Building on Lincoln Road scores hotel approval

Michael Shvo Howard Wurzak and Michael Dell (Credit: Getty Images, iStock)

These were the top South Florida hotel sales of 2019

arrow_forward_ios
Loading...