CorePoint Lodging sells Deerfield Beach La Quinta for $6M

La Quinta has 45 hotels in Florida

TRD MIAMI /
Sep.September 25, 2020 02:30 PM
La Quinta hotel at 100 Southwest 12th Avenue and CorePoint CEO Keith A. Cline (Google Maps)

La Quinta hotel at 100 Southwest 12th Avenue and CorePoint CEO Keith A. Cline (Google Maps)

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.






Related Articles

arrow_forward_ios
Starwood CEO Barry Sternlicht, InTown Suites CEO Ash Kapur and 1071 NE 28th Avenue in Homestead (Getty, Google Maps)

Starwood scores $265M refi for portfolio of InTown, Uptown hotels

Starwood scores $265M refi for portfolio of InTown, Uptown hotels
Lord Balfour Hotel

Mezz lender forecloses on Ocean Drive hotel in South Beach

Mezz lender forecloses on Ocean Drive hotel in South Beach
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
Jeffrey Soffer and Fontainebleau Miami Beach (Getty)

Fontainebleau Miami Beach’s $1B loan exits special servicing

Fontainebleau Miami Beach’s $1B loan exits special servicing
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Miami Beach approves zoning change allowing for Aman tower

Miami Beach approves zoning change allowing for Aman tower
Renderings of the project

Miami Beach board approves Generator hostel/hotel expansion

Miami Beach board approves Generator hostel/hotel expansion
Deauville Beach Resort

Deauville Beach Resort loses court battle tied to $400K judgment

Deauville Beach Resort loses court battle tied to $400K judgment
Founder and CEO of IT'SUGAR Jeff Rubin, and BBX CEO Alan Levan (Credit: Denise Truscello/Getty Images)

It’Sugar files for bankruptcy protection after sales sour

It’Sugar files for bankruptcy protection after sales sour
arrow_forward_ios

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

Loading...