Blackstone Group affiliate buys three Florida hotels for $26.7M

A company affiliated with the Blackstone Group acquired three hotels for a total of $26.74 million.

The three properties sold were Hyatt Place Fort Lauderdale at 91 S.W. 18th Avenue in Dania Beach, which sold for $19 million; a neighboring Hyatt property at 90 S.W. 18th Avenue, which sold for $17.24 million; and the Hampton Inn & Suites in Tamarac, Fla., which sold for $9.49 million.

Bre Polygon Property Owner is named as the buyer for all three properties. The seller of all three properties is Palmetto Hospitality of Dania Beach, a company affiliated with OTO Development in South Carolina.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The Hyatt parcels at 90 and 91 S.W. 18th Avenue were built in 2010. The Hampton Inn was built in 2009 and was previously sold in 2008 for $3 million.

Suggested Articles

As it takes over franchise agreements and management contracts of Orbis' Central Europe hotels, Accor also is looking to divest its stake in the company.

Hotels in the country have reported growth in both revenue and profitability, but the outlook for further improvement in 2019 and beyond is uncertain.

The survey is open to hotel franchise/membership companies, multiunit hotel ownership companies, hotel management companies and hotel developers.