Embassy Suites in Boca sells for $30M

Platinum Equity Advisors sold the hotel for $125K per key

Dec.December 18, 2019 01:30 PM
Tom Gores of Platinum Equity and Naveen Shah of Blue Sky Hospitality with 661 Northwest 53rd Street

Tom Gores of Platinum Equity and Naveen Shah of Blue Sky Hospitality with 661 Northwest 53rd Street (Credit: Getty Images)

Broward and Palm Beach County hotels continue to be in hot demand by out-of-town investors.

A company tied to Uniondale, New York-based Blue Sky Hospitality bought the 236-key Embassy Suites by Hilton in Boca Raton for $29.5 million. Beverly Hills, California-based Platinum Equity Advisors sold it for $125,000 per key.

The property is at 661 Northwest 53rd Street, right off of I-95 and West Yamato Road.

Platinum Equity Advisors had purchased the hotel in 2012 for $17 million, records show. The building was constructed in 1985 and totals 254,912 square feet.

Blue Sky Hospitality manages Marriott, Hilton, Starwood, IHG, Choice, Wyndham and La Quinta hotels across 20 states, according to its website. The company is led by Naveen Shah.

Blue Sky announced last week it acquired an 111-room Hampton Inn & Suites in Mahwah, New Jersey. The company said it plans to invest $10 million to upgrade both hotels, according to a press release.

Platinum Equity is a private equity firm founded by Tom Gores in 1995. It focuses on leveraged buyout investments.

Other out-of-state buyers have targeted hotels in Palm Beach County recently.

In June, billionaire Michael Dell paid $461.6 million for the waterfront, 1,047-room Boca Raton Resort & Club. He purchased the property from Blackstone Group.

Earlier this month, the Marriott family sold a 352-room West Palm Beach Marriott hotel for $50 million to Jackson Hole Trust Company.

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