Sale of oceanfront resort hotel in Pompano Beach, Florida, closed by HFF and Aztec
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) and Aztec Group Inc. announced today that they have closed the sale of the Residence Inn by Marriott Fort Lauderdale Pompano Beach/Oceanfront, an 88-room, full-service, oceanfront resort hotel in Pompano Beach, Florida.
HFF and Aztec marketed the hotel on behalf of the seller, MIC Atlantis LLC, a venture between Concord Hospitality, Mercury Investment and Mayan Properties, an affiliate of Aztec Group. Claremont Companies purchased the asset free and clear of the debt and will assume property management responsibilities.
The Residence Inn Fort Lauderdale Pompano Beach/Oceanfront was originally constructed as the Ocean Sands condominium hotel in 2002 and was redeveloped in 2009 into the all-suite Marriott-branded resort hotel. The property features direct beach access with two swimming pools, whirlpool, wedding chapel, fitness facility, spa/salon services and more than 2,500 square feet of meeting facilities. All guest suites have private balconies, and the Ocean Bistro & Lounge on-site restaurant offers a full bar and outdoor patio seating. The resort has 110 feet of Atlantic Ocean frontage and is located at the termination of the Northeast 14th Street Causeway at A1A in Pompano Beach, a Broward County beach community midway between Fort Lauderdale and Boca Raton. The offering also included an adjacent parking lot site that contains development rights that could be used for a future expansion of the hotel or construction of residential units. The recently redesigned and renovated Greg Norman Signature Pines Golf Course and Pompano Citi Centre’s shops and restaurants are all less than two miles from the resort.
The HFF investment sales team was led by Max Comess and Scott Wadler. Aztec was led by Boaz Ashbel and Rachel Chang.
“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,” Comess said. “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”.
“The sale of this Residence Inn by Marriott garnered significant investor demand given the property’s oceanfront location, strong performance and the region’s robust hotel market,” Ashbel added. “We worked closely with HFF to execute this complex transaction that encompassed both hotel and condo components, securing favorable terms for the seller.”
The HFF Hotel Group has been particularly active in Broward County, having successfully closed the sales of Il Lugano, Sheraton Fort Lauderdale Airport, DoubleTree Sunrise at Sawgrass Mills and the Holiday Inn Express Plantation in the past 18 months.
About Aztec Group
Founded in 1981, Aztec Group, Inc. specializes in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs and commercial developers as well as offshore clients. Aztec has long been recognized as the premier real estate capital markets intermediary and merchant banking firm in the Southeast, handling over $10 billion in transactions during the past decade. The company is also considered an innovator, often seeing opportunities for clients before they become apparent in the marketplace. For more information, visit www.aztecgroup.com.
About Claremont Companies
Headquartered at Lakeshore Center in Bridgewater, Massachusetts, Claremont Companies is a privately owned and closely held real estate investment, development and asset management firm. The company was started in 1968 when Patrick Carney, Claremont’s current chairman and CEO, began investing in and developing residential multi-family properties in southeastern Massachusetts. Claremont Companies is actively pursuing new acquisitions and is focused on both existing properties and development opportunities within the multifamily, hotel, and mixed use asset classes. For more information, visit www.claremontcorp.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.