Summit Acquires Courtyard by Marriott Fort Lauderdale
The company plans to invest $1.6 million over the next year for public space improvements and a patio bar redesign. The transaction included the sale of the hotel, vacant land and retail space.
By IvyLee Rosario
Summit Hotel Properties Inc. acquired Courtyard by Marriott Fort Lauderdale, which also included a 0.8-acre vacant land parcel and 6,200 square feet of retail space, for $85 million.
Located at 440 Seabreeze Blvd., the 261-key hotel recently underwent renovations and the company plans to invest $1.6 million over the next year for public space improvements and a patio bar redesign. Summit estimates a capitalization rate of 7.8 percent based on management’s current estimate of the hotel’s net operating income during the first year of ownership.
The 12-story property offers two meeting rooms with a total of 1,412 square feet of space, laundry on-site, the BISTRO restaurant, a fitness center, an outdoor pool including the Seabreeze Poolside Bar, a business center, and a market.
Nearby attractions include Las Olas Boulevard, Fort Lauderdale Beach, The Galleria Mall, Museum of Discovery and Science and the International Swimming Hall of Fame. Some of the area’s major employers include AutoNation, Citrix Systems, Mednax and Spirit Airlines. The hotel is minutes away from the Hollywood/Ft. Lauderdale International Airport and the Port Everglades Cruise Port.
“The acquisition of the Courtyard by Marriott Fort Lauderdale is a continued demonstration of our ability to source and acquire high-quality assets that complement our existing portfolio,” said Daniel Hansen, chairman, president & CEO of Summit, in prepared remarks. “We are confident in the value creation opportunities that have been identified by our team and look forward to delivering on such opportunities in the future.”
Images courtesy of Courtyard by Marriott Fort Lauderdale
