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Blackstone sells Broward hotel portfolio for $64M
New York-based Three Wall Capital acquired a Courtyard by Marriott and two Residence Inn properties
Blackstone shed some more hotels in South Florida, selling three Marriott-branded properties for a combined $64 million.
Affiliates of New York-based Three Wall Capital bought two hotels in Miramar, a Courtyard by Marriott at 14500 Hotel Road and a Residence Inn by Marriott at 14700 Hotel Road. Three Wall also picked up a Residence Inn by Mariott at 130 North University Drive in Plantation, records and Vizzda show.
Three Wall Capital, led by founder Alan Kanders, obtained a $82.8 million cross-collateralized loan, with $47.8 million allocated to the Broward hotels. New York and Chicago-based Guggenheim Partners provided the mortgage, records and Vizzda show.
For the 125-key Courtyard hotel in Miramar, Three Wall paid $20.7 million, or $165,600 per room. Sitting on nearly 3 acres, the five-story building was completed in 2006.
Three Wall dropped $22.8 million, or $175,384 per room, for the 130-key Miramar Residence Inn, which is adjacent to the Courtyard hotel. Also completed in 2006, the five-story building sits on 2.9 acres.
Blackstone, the New York-based investment giant led by CEO Stephen Schwarzman, paid $14.7 million for both properties in 2014, records show.
In Plantation, Three Wall paid $20.7 million, or $150,000 per key, for the 138-room Residence Inn. Built in 1996, the four-story hotel sits on 5 acres. Blackstone paid $13.8 million for the hotel in 2019, records show.
Founded in 2008, Three Wall is a hospitality-focused real estate investment firm that has completed more than $2 billion in deals since its inception, according to the company’s website. Three Wall owns 75 hotels across 20 states, including Florida, the website states.
Last month, Blackstone sold a pair of adjacent Hyatt-branded hotels in Dania Beach for a combined $40.1 million. Delray Beach-based Kolter Group bought the 143-key Hyatt House Fort Lauderdale Airport and the 149-key Hyatt Place Fort Lauderdale Airport.
And last year, Blackstone sold five South Florida budget hotels for $61 million. McDonough, Georgia-based Global Hotel Group bought three Motel 6 properties in Cutler Bay, Dania Beach and Fort Lauderdale, as well as two Studio 6 extended-stay hotels in Coral Springs and West Palm Beach.