Michigan-based hoteliers Malik Abdulnoor and Sahir Malki bought the Hampton Inn Fort Lauderdale/Plantation for $21 million, marking at least their second wager on South Florida’s hospitality market this year.
Abdulnoor and Malki bought the five-story, 128-key hotel at 7801 Southwest Sixth Street from Atlanta-based Peachtree Hotel Group, according to records and real estate database Vizzda. The buyers borrowed $12.5 million from Live Oak Bank.
The deal breaks down to $327 per room.
Completed in 2000, the Hampton Inn spans 64,200 square feet on 2.5 acres, Vizzda records show. Peachtree had paid $16.6 million for the hotel in 2019.
Abdulnoor is president of Bloomfield Hills, Michigan-based hotels firm MHS Group, and founder of Auburn Hills, Michigan-based Mid America Lodging Group, according to his LinkedIn and Mid America’s website.
In March, Abdulnoor and Malki bought the four-story, 110-key Courtyard by Marriott Fort Lauderdale Coral Springs at 620 North University Drive in Coral Springs for $17 million.
South Florida hospitality real estate has experienced an uptick in investment sales, with several small hotels trading over the past year.
In August, New York-based Three Wall Capital picked up the Courtyard by Marriott at 14500 Hotel Road and the Residence Inn by Marriott at 14700 Hotel Road, both in Miramar, as well as the Residence Inn by Mariott at 130 North University Drive in Plantation, for a combined $64 million.
That came on the heels of Tampa Bay real estate investor Ben Mallah selling the 253-key Sheraton Suites Fort Lauderdale at Cypress Creek at 555 Northwest 62nd Street in Fort Lauderdale for $28 million in July.
At least one refinancing package also closed this year. Last month, Pebblebrook Hotel Trust scored a $140 million refinancing for the Jimmy Buffett-themed Margaritaville resort at 1111 North Ocean Boulevard in Hollywood.
Read more
Commercial
South Florida
South Florida’s biggest hotel sales of 2022
Commercial
South Florida
Jeff Greene starts $20M renovation of Tideline Ocean Resort in Palm Beach
Development
South Florida
Shvo scores $190M loan for Raleigh Miami Beach development