Hotel real estate investment trust CorePoint Lodging sold a La Quinta in Deerfield Beach for $5.7 million.
CorePoint, a spin-off of the La Quinta hotel brand, sold the 79-room hotel via CPLG Wellesley Properties LLC. Property records show the buyer is Shree Sai Properties LLC, managed by Ketankumar “Ketan” K. Patel.
The hotel, at 100 Southwest 12th Avenue, sold for about $72,000 per room, and marks one of the few hotels to sell during the pandemic.
The 79,610-square-foot hotel was built in 1986. It last sold in 2005 for $6.4 million, records show.
La Quinta has 45 locations in Florida, according to CorePoint Lodging’s website. With the CorePoint spinoff in 2018, La Quinta’s franchise and management business was sold to Wyndham Hotel Group.
In the second quarter, CorePoint sold seven non-core hotels for $29 million, and after the end of the quarter, sold 10 more hotels for $51 million.
The pandemic has had a huge impact on the hospitality market, especially in South Florida, and few properties have traded. In August, apartment developer The Estate Companies bought a former Ramada Inn in Hialeah for $15.3 million.
Earlier this month, the owners of the Variety Hotel in Miami Beach, who are facing a foreclosure lawsuit from their lender, listed the renovated property for sale asking nearly $37 million.