Rockpoint Group buys waterfront Boca Raton hotel for $38M

Rockpoint Group bought the Waterstone Resort & Marina Boca Raton for $37.9 million.

The Boston-based real estate private equity firm bought the waterfront property at 999 East Camino Real, records show.

Seller BB Hotel Owner JV is managed by Clifford and Matthew Lane, state corporate records show.

The deal for the 139-key hotel breaks down to $272,482 per room.

The 98,001-square-foot property was built in 1976 on 1.8 acres, according to property records.

The hotel is a Curio Collection by Hilton.

The purchase comes on the heels of Rockpoint, led by co-founder Keith Gelb, buying a Fort Lauderdale resort. In October, Rockpoint, along with Fort Lauderdale-based InSite Group, bought the 481-key B Ocean Resort for $126.9 million.

Rockpoint also has other South Florida investments. In May it bought a stake in Mast Capital’s long-planned Miami Beach condo project. Records show Mast sold the property at 4000 Alton Road to the joint venture for $18.2 million.

The South Florida hospitality market has been emerging from the pandemic, with tourism bouncing back and some convention business restarting as well.

The region has seen several top-dollar deals in recent months. In October, Wheelock Street Capital paid $106.4 million for The Ben West Palm Beach, a new, 208-key hotel near the city’s downtown.

In September, Pebblebrook Hotel Trust bought the Margaritaville Hollywood Beach Resort for $270 million.

And Fort Partners purchased the Four Seasons Miami hotel in Brickell in July for about $130 million.