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

Apple Hospitality REIT sold the 109-key hotel

Jan.January 03, 2020 10:30 AM
Javier Rabinovich and 2301 Southwest 12 Avenue (Credit: Google Maps)

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

UPDATED, Jan. 3, 5:25 p.m.: Privé Group purchased a Hampton Inn near Fort Lauderdale-Hollywood International Airport for $17.3 million.

North Miami Beach-based Privé Group, led by Javier Rabinovich and Mariano Karner, bought the 109-key hotel at 2301 Southwest 12th Avenue for $157,798 per key, records show. Richmond, Virginia-based Apple Hospitality REIT sold the Hampton Inn Fort Lauderdale Airport North Cruise Port.

Ruth Katz, broker and owner of New York-based RK Commercial Real Estate, LLC, represented Privé Group.

Privé secured a $15 million loan from Rialto Mortgage Finance to purchase the hotel, records show.

The hotel totals 54,540 square feet, records show. It was last purchased in 2008 for $12.6 million and was built in 2002.

Privé focuses on the commercial market in South Florida. Its office projects include Forum Aventura, 12-story office condo building at 19790 West Dixie Highway in Ojus; and Aventura Square at 18802-18820 West Dixie Highway in Ojus. The eight-story office condo project has about 100,000 square feet of office space and 9,000 square feet of ground floor retail.

Apple Hospitality is a publicly traded REIT that owns 233 hotels with about 30,000 guest rooms in 87 markets throughout 34 states, according to its website.

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