Dynamic City Capital, a Utah-based real estate investment firm, has acquired the AC Hotel by Marriott Fort Lauderdale (Fla.) Beach.
Miami-based real estate investment and development company Key International began development on the property in early 2019. KW Alhambra Property, a partnership between Key International and West Palm Beach-based Wexford Real Estate Investors, sold the property to DCC for $74.3 million. The hotel opened on Feb. 23, and is operated by Provo, Utah-based Lodging Dynamics Hospitality Group.
"The Fort Lauderdale Beach AC Hotel is a beautiful hotel situated in an ideal location. In addition, this purchase aligns with our strategy of acquiring and developing high-quality, branded hotels in core markets," said Joel Sybrowsky, DCC's co-managing partner.
The hotel is close to Sebastian Beach and Fort Lauderdale Beach. The 10-story hotel has 171 guestrooms, a resort-style pool with cabanas, a range of food-and-beverage services, a lounge and conference rooms for business meetings and private parties.
The acquisition of the AC Hotel follows DCC’s purchase of two Clearwater Beach, Fla., hotels at the end of 2021 and a San Francisco hotel last month. "As a company, we are excited to add this hotel to our portfolio, furthering our growth," Sybrowsky said. "We are thrilled with the assets we've acquired this year, thanks to a fantastic team and great partners."