MIAMI—Another developer has set its sights on Fort Lauderdale's growing real estate market. The developer who brought the historic Langford Hotel to Downtown Miami just inked a high-profile acquisition that's turning heads.
Miami-based Stambul acquired a Clarion Inn near Galleria Mall with plans to transform it into a boutique hotel targeting Millennials and young professionals looking for a social experience, similar to the style of the Langford Hotel. The sale price: $13.75 million.
Stambul acquired the asset from Sunrise Hotel LLC. The property sits at 1055 North Federal Highway. Stambul plans to make a substantial investment to reposition the hotel, including renaming and remodeling the asset. Redevelopment could begin in six months in phases to keep the hotel operating.
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