Hilton Fort Lauderdale Marina Trades for Nearly $171M
With its purchase, Brookfield adds to its hospitality portfolio in South Florida. Brookfield affiliate Thayer Lodging Group acquired the 1,000-room beachfront convention center hotel the Diplomat Resort & Spa in Hollywood, FL in 2014.
FORT LAUDERDALE, FL—The third largest hotel in Broward County has changed hands.
The Hilton Fort Lauderdale Marina, a 589-room property on 17th Street here has reportedly been sold by the Blackstone Group of New York City to Brookfield Asset Management for $170.6 million.
With its purchase, Brookfield adds to its hospitality portfolio in South Florida. Brookfield affiliate Thayer Lodging Group acquired the 1,000-room beachfront convention center hotel the Diplomat Resort & Spa in Hollywood, FL in 2014. The Diplomat Resort & Spa is the largest hotel in Broward County. At the time of its purchase, Thayer officials announced it would embark on a $100-million enhancement initiative at the property.
Officials with Brookfield Asset Management could not be reached for comment at press time.
Miami-based CBRE Hotels team, composed of Christian Charre, Paul Weimer, Natalie J. Castillo and Jennifer Jin, represented the seller of the Hilton Fort Lauderdale Marina, which is located at 1881 Southeast 17th St. along the Intracoastal Waterway.
“The Hilton Marina is a strategic property in an area with extremely high barriers to entry. We encountered a great amount of interest from the investor community and had multiple rounds of competitive bidding,” says CBRE Hotels SVP Christian Charre. “We are highly pleased with the outcome of this transaction.”
SVP Weimer adds that the nine-acre hotel property that includes a 33-slip marina has ”tremendous potential” for future redevelopment and “allows the new ownership to acquire fee-simple, waterfront real estate in a destination where demand continues to grow.”