UPDATED, Aug. 27, 5:45 p.m.: Opterra Capital and The Montford Group bought a Boca Raton Holiday Inn for $13.3 million.
The buyers purchased the Holiday Inn & Suites at 701 Northwest 53rd Street from FLL Resorts, which is linked to Archer Capital Group. The price reflects only the building, with the true deal value being $17.6 million, inclusive of the land and furniture, according to Rahil Sanghvin of Archer Capital.
The 180-key hotel was built in 1989 on 5 acres, property records show.
Archer Capital Group, led by Bakul and Rahil Sanghvi, bought the property for $14.1 million in 2016, records show.
Opterra, based in Boca Raton, is a real estate investment sponsor, operating partner, capital markets adviser and asset manager, according to its website. Glenn Alba, a former Blackstone managing director, founded Opterra in 2017. It focuses on commercial real estate, including hospitality, office and multifamily.
Charleston, South Carolina-based Montford Group, led by founder and CEO Sunju Patel, is a real estate investor and developer with $500 million in assets, according to its website.
The deal comes as the South Florida hospitality industry is emerging from the pandemic lockdown. Leisure travel has resumed in the region, but the industry also depends on convention and cruise business.
While cruises are slowly resuming, conventions are yet to return. MDM Group, through its MDM Hotel Group, canceled plans for a 1,700-room Marriott Marquis hotel and 600,000-square-foot expo center at the Miami Worldcenter mixed-use complex in downtown Miami. MDM sold the site to Witkoff and Monroe Capital for $94 million in July.
This story has been updated to include the deal value inclusive of the land and furniture and an additional buyer.