Dynamic City Capital pays $74M for newly built AC Hotel by Marriott in Fort Lauderdale

Key International, Wexford Real Estate Investors developed 171-key property, which got its TCO last week

Miami /
Feb.February 24, 2022 03:30 PM
Dynamic City's Joel Sybrowsky and Cory Turner with Fort Lauderdale (Key International, Dynamic City, iStock)

Dynamic City’s Joel Sybrowsky and Cory Turner with Fort Lauderdale (Key International, Dynamic City, iStock)

A Utah-based hotel firm paid $74.3 million for the just completed AC Hotel by Marriott near the beach in Fort Lauderdale.

Dynamic City Capital bought the 171-unit property at 3029 Alhambra Street from the hotel’s developers, Key International and Wexford Real Estate Investors, according to a joint Key-Wexford news release.

Nick Plasencia of The Plasencia Group represented Key International in the deal.

The 10-story AC Hotel, featuring ​​contemporary décor in the rooms, obtained its temporary certificate of occupancy last week and opened this week.

Miami-based Key International, founded and led by the Ardid family, bought the 0.7-acre Fort Lauderdale development site for $9.6 million in 2016, and completed construction in partnership with West Palm Beach-based Wexford, led by co-founder and President Joseph Jacobs.

The hotel includes floor-to-ceiling windows in the rooms overlooking the Atlantic Ocean, an oceanfront pool deck, beachfront lounge chairs, a 24/7 gym, an AC Kitchen serving breakfast, and an AC Lobby Bar serving tapas and cocktails, according to a prior Key-Wexford news release announcing the TCO.

Dynamic City Capital, which is based in Provo, traces its roots to 1991 when a group of investors decided to develop the first Marriott hotel in Utah, according to the company’s website. After the firm weathered the Great Recession, it expanded beyond Utah, to manage, buy and develop more than 40 branded hotels. Dynamic City’s sister company, Lodging Dynamics, runs the hospitality management side of the business. Joel Sybrowsky and Cory Turner are principal owners of Dynamic City and Lodging Dynamics.

Dynamic City’s Fort Lauderdale deal comes on the heels of its purchase this month of downtown San Francisco’s Hyatt Place for more than $105 million.

The recently completed AC Hotel is the third AC-branded hotel in Broward County. Others are at 154 North Compass Way in Dania Beach, south of the Fort Lauderdale-Hollywood International Airport; and at 1870 Sawgrass Mills Circle in Sunrise, near Sawgrass Mills mall, according to AC Hotels by Marriott’s website.

 





    Related Articles

    arrow_forward_ios
    IMC Equity's Yorham Izhak with Festival Flea Market
    Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
    Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
    Julie Jones (Florida Luxurious Properties)
    Top Broward broker Julie Jones joins Douglas Elliman
    Top Broward broker Julie Jones joins Douglas Elliman
    Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    From left: Harbor Group International's Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential's Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach (Cottonwood Residential, Harbor Group International, Google Maps, iStock)
    Cottonwood buys Pompano Beach apartment complex for $95.5M
    Cottonwood buys Pompano Beach apartment complex for $95.5M
    From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
    Estate Companies’ Pompano Beach, Hollywood apartment projects advance
    Estate Companies’ Pompano Beach, Hollywood apartment projects advance
    Brookfield Properties' Jared Chupaila and Pembroke Lakes Mall in Pembroke Pines (Brookfield Properties, LoopNet, iStock)
    Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
    Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
    Spot On Ventures' Robin Brown with The Hampton Inn by Hilton (LinkedIn, Hampton Inn)
    Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
    Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
    First Industrial Realty's Peter E. Baccile with 1801 North Andrews Avenue (First Industrial Realty Trust, Colliers, iStock)
    First Industrial picks up Pompano Beach manufacturing facility for $25M
    First Industrial picks up Pompano Beach manufacturing facility for $25M
    arrow_forward_ios

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

    Loading...