Blackstone sells Tamarac Hampton Inn for $18M

Altamonte Springs-based hotel investors Ramzan and Amin Gulamali paid about $158K per room

Blackstone’s Stephen Schwarzman and the Hampton Inn hotel at 5701 Madison Avenue (Google Maps, Getty)
Blackstone’s Stephen Schwarzman and the Hampton Inn hotel at 5701 Madison Avenue (Google Maps, Getty)

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.

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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.