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Michigan hoteliers pay $17M for Courtyard by Marriott in Coral Springs

Entity managed by Malik Abdulnoor and Sahir Malki paid roughly $155K per room

MHS Group’s Malik Abdulnoor and Thrive Hospitality Group’s Sahir Malki with the Courtyard by Marriott at 620 North University Drive in Coral Springs
MHS Group’s Malik Abdulnoor and Thrive Hospitality Group’s Sahir Malki with the Courtyard by Marriott at 620 North University Drive in Coral Springs (Google Maps, LinkedIn, Thrive Hospitality)

A pair of Michigan-based hoteliers scooped up a Courtyard by Marriott in Broward County for $17 million. 

An entity controlled by Malik Abdulnoor and Sahir Malki Abdulnoor bought the four-story, 110-room hotel at 620 North University Drive in Coral Springs, according to records and Vizzda. The deal breaks down to roughly $155,000 per room. 

Spanning 61,305 square feet, the building was completed in 2002, records show. The seller, an entity controlled by Malcolm Berman in Delray Beach and Jon Buchanan Tremellen II in Ocean City, Maryland, paid $16.3 million for the Courtyard at Marriott in 2017. 

Malik Abdulnoor is president of MHS Group, based in Bloomfield Township, Michigan, and Mid America Lodging Group, based in Auburn Hills, Michigan. Combined, the two companies own more than 50 branded hotels in 13 cities in their home state, according to MHS’ and Mid America’s websites. 

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Sahir Malki Abdulnoor is CEO of Thrive Hospitality Group, based in Warren, Michigan. Founded in 1988, Thrive owns 29 economy hotels in Michigan and Ohio, according to the firm’s website.

Three years after the start of the pandemic, hotel occupancy is on the rise across the country, according to a recent report by the American Hotel & Lodging Association. In 2020, the nationwide occupancy rate fell to 43.9 percent, a historic low, the report states. Last year, the rate bounced back, hitting 63.8 percent.

In 2022, annual room revenue for U.S. hotels hit $189 billion, compared to $142 billion the previous year, and $86 billion in 2020, the report states. The Miami market, which includes Broward and Palm Beach counties, led the nation last year in a key metric, gross operating profit per available room, the report shows. 

Hotel sales are picking up in South Florida. Last month, New York-based Blue Suede Hospitality dropped $40 million for a pair of adjacent hotels with a combined 79 rooms in Miami Beach. And MCR, a hotel real estate investment firm also based in New York, bought a Hilton-branded hotel near Miami International Airport for $118.3 million.