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
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.