The Claremont Companies purchased a Marriott-branded hotel in Pompano Beach.
The property was an independent condo-hotel once called the Ocean Sands Spa & Resort Residences. Claremont, a development company based in Massachusetts, was transferred ownership of the 10-story building and almost all of its 89 suites, except for one unit that was sold to a New Jersey resident by the previous ownership.
The company financed its purchase of the beachfront condo-hotel at 1350 North Ocean Boulevard with a $21.5-million loan from U.S. National Bank. A sale price has not been recorded.
The seller of the hotel was an affiliate of Mercury Investment, a real estate firm based in Minnesota. Mercury took over the building through a $30-million bulk purchase of all 89 units after the previous building managers were hit with a lawsuit from residents, which alleged they were withholding payments from when the units were leased out as hotel rooms.
Mercury renovated the property in 2010 and converted it into a Residence Inn by Marriott, complete with signage at the top of the building.