Blackstone sells Marriott hotel in Boca Raton

Miami /
Feb.February 07, 2020 05:30 PM
Shane Neman, and Mauricio Bello Richard Waserstein, with 525 Northwest 77th Street Marriott in Boca

Shane Neman, and Mauricio Bello Richard Waserstein, with 525 Northwest 77th Street Marriott in Boca

Blackstone Group sold a Residence Inn by Marriott in Boca Raton for $14.25 million to a group of South Florida investors who plan to redevelop it into a mixed-use project.

The New York-based private equity giant sold the 120-room extended-stay hotel at 525 Northwest 77th Street to Shane Neman, principal of Neman Ventures; and Richard Waserstein and Mauricio Bello of Waterstone Capital. The deal equates to $118,750 per key.

The sale signals growing interest in the Boca Raton hotel market as the city attracts more technology and finance companies and corporate executives require lodging for extended periods of time.

The Residence Inn by Marriott Boca Raton sits on 4 acres near Congress Avenue. Built in 1988, it last traded for $12 million in 2014.

Neman, Waserstein and Bello plan to redevelop the project in three phases with an expected completion date of 2030, according to a press release. Part of the redevelopment will include a multifamily complex adjacent to the extended-stay hotel.

Miami-based Neman Ventures was founded in 1999 by Neman. The firm’s real estate portfolio includes more than two dozen large-scale properties across the U.S., according to the release.

Investment has poured into Boca Raton real estate in recent years. In June, billionaire Michael Dell paid $461.6 million for the waterfront 1,047-room Boca Raton Resort & Club, marking one of South Florida’s largest hotel sales in recent years. Blackstone Group sold the 337-acre resort at 501 East Camino Real.

Penn-Florida Companies is also planning to build a 12-story, 92-unit luxury condo development as part of Via Mizner, a 2 million-square-foot mixed-use project in the center of Boca Raton.


Related Articles

arrow_forward_ios
Tudor House Art Deco and Essex House hotels (Wikipedia Commons)

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive
Craig A. Bondy & 327 East Alexander Palm Road (Royal Palm)

Private equity bigwig buys Boca Raton spec mansion for $13M

Private equity bigwig buys Boca Raton spec mansion for $13M
Boca Raton Municipal Golf Course with GL Homes' Misha Ezratti, head of GL Homes and Boca Raton Mayor Scott Singer (Google Maps, Lila Photo via GL Homes, Twitter)

Slow play: GL Homes’ purchase of Boca Raton golf course pushed to 2021

Slow play: GL Homes’ purchase of Boca Raton golf course pushed to 2021
Raymond Silcock and 1220 Thatch Palm Drive, Boca Raton (Perrigo, Royal Palm)

Pharmaceutical CFO buys Boca Raton spec home for $6M

Pharmaceutical CFO buys Boca Raton spec home for $6M
Lexington Realty Trust's Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)

HSBC to take over Boca Raton office building following foreclosure auction

HSBC to take over Boca Raton office building following foreclosure auction
Diego Lowenstein, Dayssi Olarte de Kanavos, Paul Kanavos, and Ronny Ben Josef, with The The Sagamore (Credit: The Sagamore Hotel)

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore
3573 South Ocean Boulevard, Highland Beach (Google Maps)

Software telecom company founder sells waterfront Highland Beach mansion for $8M

Software telecom company founder sells waterfront Highland Beach mansion for $8M
Adam Cohen and 151 West Alexander Palm Road, Boca Raton (Caspian Capital, Royal Palm Properties)

Wise investment? Two financiers spend $12M on Boca Raton mansion

Wise investment? Two financiers spend $12M on Boca Raton mansion
arrow_forward_ios

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

Loading...