FT. LAUDERDALE, FL-Ocean Point Hotel has traded for $8.55 million. The hotel sits on about two and a half acres of oceanfront property with more than 500 linear feet of beachfront in Pompano Beach.

Bethesda, MD-based upscale hotel developer-operator Urgo Hotels purchased the asset and announced plans for a major renovation. The acquisition of Ocean Point Hotel marks Urgo’s ninth hotel purchase in the past 13 months. The company now owns or operates 26 hotels in the U.S. and Canada.

Kevin Urgo, senior vice president of Urgo Hotels, says the property has outstanding potential. “This will be a custom-designed, upscale boutique hotel when completed operating under a premium brand,” he says. “We have considerable experience in the Florida market and look forward to creating a jewel of a hotel for the Pompano Beach market.”