MIAMI—Il Lugano, a 105-suite luxury boutique hotel on Fort Lauderdale's Intracoastal Waterway, has a new owner. Il Lugano sold it to an affiliate of Mass.-based Claremont Companies in a all-case deal.
The hotel sold for $24.2 million. The whole deal was done in 45 days.
HFF director Max Comess, senior managing director Daniel C. Peek, managing director Denny Meikleham, and real estate analysts Scott Wadler, Alexandra Lalos, and Cecily Nazario, represented the seller. SageCrest Liquidating Trust, which is being managed by the Liquidating Trustee, John D. Huber, a managing director at SOLIC Capital Advisors, owned Il Lugano.
“We commend the buyer and seller for a strong execution on this complicated transaction,” says Comess. “The sale of il Lugano is another example of the northward momentum of the Fort Lauderdale Beach hotel market with savvy investors now targeting the area north of Sunrise Boulevard up to Lauderdale by the Sea and Pompano Beach.”
Located at 3333 Northeast 32nd Avenue, the hotel has direct water frontage on the Intracoastal Waterway and is within walking distance of the Atlantic Ocean. The hotel was came to market in 2008 and offers da Campo Osteria restaurant, lobby bar, outdoor event patio and about 4,000 square feet of meeting space.
“The opportunity to acquire resort hotels in Florida and around the country continues to attract record interest from investors across the globe,” says Peek. “Fundamental performance and the availability of capital in this sector continue to accelerate and surpass previous peak levels, amid a generational low in terms of new competitive supply.”
Beyond the traditional hotel amenities, like an outdoor resort pool and fitness center, the il Lugano also offers a 10-slip private marina. A taxi station and private parking garage sit next to the hotel. The building is also home to 23 luxury residences with private elevators.
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