CBRE Brokers $170.6M Sale of Hilton Fort Lauderdale Marina
FORT LAUDERDALE, FLA. — CBRE Hotels has brokered the sale of the Hilton Fort Lauderdale Marina, a 589-room hotel located at 1881 17th St. in Fort Lauderdale. Situated along the Intracoastal Waterway, the nine-acre property is third-largest hotel in Broward County.
The Blackstone Group sold the asset to Thayer Lodging Group, a subsidiary of Brookfield Asset Management, for $170.6 million, according to reports by the South Florida Business Journal.
The hotel was built in 1980 and 1981, and has been renovated several times, most significantly in 2008. The property includes a 33-slip marina, business center, meeting rooms, fitness center, jogging track and a swimming pool.
Christian Charre, Paul Weimer, Natalie Castillo and Jennifer Jin of CBRE arranged the transaction on behalf of the seller.
“The Hilton Marina is a strategic property in an area with extremely high barriers to entry,” says Charre. “We encountered a great amount of interest from the investor community and had multiple rounds of competitive bidding.”
Located in the Fort Lauderdale Marina, the hotel is surrounded by multiple demand generators that include the Greater Fort Lauderdale/Broward County Convention Center, Port Everglades and the Fort Lauderdale-Hollywood International Airport.
“With tremendous potential for future redevelopment, this truly unique investment allows ownership to acquire fee-simple, waterfront real estate in a destination where demand continues to grow,” says Paul Weimer, Senior Vice President at CBRE Hotels.
— David Cohen