Business

June 2, 2014

Buyers grab two Broward hotels in separate deals

Two Broward hotels sold to new owners in separate transactions that closed last week.

Two Broward hotels sold to new owners in separate transactions that closed last week.

The hotel group at commercial real estate investment banking firm HFF arranged both sales.

The sale of the DoubleTree by Hilton Hotel Sunrise-Sawgrass Mills, 13400 W. Sunrise Blvd., closed on May 27. Southwest Value Partners purchased the 250-room property, formerly a Crowne Plaza, from Long Wharf Real Estate Partners. A story last week in the South Florida Business Journal said the purchase price was $35.4 million.

In Dania Beach, the Sheraton Fort Lauderdale Airport & Cruise Port Hotel at 1825 Griffin Rd. sold to Cohen Brothers Realty, which owns the neighboring Design Center of the Americas. HEI Hotels and Resorts was the seller.

The amount paid for the property was not released in an announcement about the sale, but a source familiar with the transaction said the 250-room hotel sold for $36.5 million. The deal closed Thursday.

More than 20 groups made offers for the airport-area hotel, according to HFF.

Max Comess, a director in the hotel group at HFF, said in a press release that many investors believe that “Fort Lauderdale is the new Miami.”

“Several groups that attempted to enter the Miami market previously are now attracted to Broward due to the same trends of rapidly growing demand, international visitation, and major investment in tourism infrastructure that benefited Miami in the last investment cycle,” he said.

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