Blackstone sold a 113-room hotel in Tamarac for $17.8 million to a pair of hotel investors based in central Florida.
Entities managed by Ramzan and Amin Gulamali acquired The Hampton Inn & Suites at 5701 Madison Avenue, records show. The Gulamalis, principals of Altamonte Springs-based hotel development and investment firm F + F, obtained a $14.3 million mortgage from Ocean Bank.
The deal breaks down to about $158,000 per room.
Blackstone, the New York-based investment giant led by Chairman, CEO and co-founder Stephen Schwarzman, paid $9.5 million for the four-story hotel in 2015, records show. The building was completed in 2009.
Blackstone, which reported $2.3 million in net income in the third quarter, has purged other South Florida hotel properties from its portfolio in recent months.
In August, the firm’s Texas-based subsidiary, G6 Hospitality, sold five Motel 6 and Studio 6 hotels in Coral Springs, Cutler Bay, Dania Beach, Fort Lauderdale and West Palm Beach. Affiliates of Georgia-based Global Hotel Group paid $61 million for the five properties. The transaction was part of a larger $279.4 million deal that included three other hotels in Florida.
Hotel sales across the tri-county region have picked up in recent months. In September, a joint venture between Montford Group and Opterra Capital paid $28 million for a 96-room Hilton Garden Inn in Miami Beach; Wurzak Hotel Group picked up a 221-key DoubleTree by Hilton Hotel in Deerfield Beach for $27 million; and an affiliate of Catalyst Capital Group acquired the 81-room Balfour Hotel in Miami Beach for $39.3 million.
The same month, Tom Assouline and members of the Busch beer family paid $33 million for the Red South Beach Hotel, a 110-key property in Miami Beach. In two other separate deals, Highgate Capital Management sold a pair of La Quinta Inn by Wyndham hotels near Miami International Airport for a combined $33 million.