An 88-room hotel on the ocean in Pompano Beach has traded hands.
Massachusetts-based real estate firm Claremont Companies bought the Residence Inn by Marriott at 1350 N. Ocean Blvd. from MIC Atlantis LLC. That corporation is a venture between Concord Hospitality, Mercury Investment and Mayan Properties, which is an affiliate of Aztec Group.
Aztec Group, a real estate investment banking firm, and commercial real-estate firm HFF closed the sale.
The purchase price for the all-suite waterfront property, which includes two swimming pools, a wedding chapel, a restaurant and meeting space, was not disclosed.
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Also included in the sale: an adjacent parking lot with development rights that could be used for hotel expansion or residential units.
“The transaction of the Residence Inn Pompano provides further evidence of the unprecedented growth occurring across Broward County’s booming hotel market in what were traditionally secondary submarkets,” Max Comess, a director in the hotel group at HFF, said in a statement. “Savvy national and international investors are focusing in on areas like Pompano Beach, Lauderdale-by-the-Sea and Deerfield Beach to find attractive opportunities with strong performance and less competition”.