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Ocean Point Hotel Trades for $9M

FT. LAUDERDALE,FL-Urgo plans to close the nine-story hotel carry out a six-month renovation program that will essentially transform the property into a brand new hotel.

By Jennifer LeClaire | Updated on January 20, 2011

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.

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