A company led by Equity Management Partners’ Benjamin Mallah just picked up the Sheraton Suites Fort Lauderdale at Cypress Creek for $18.25 million, property records show.
Mallah, who specializes in rehab projects, bought the 253-key, all-suite hotel at 555 Northwest 62nd Street shortly after it reopened after closing in September due to water damage caused by Hurricane Irma. The trade breaks down to about $72,130 per room.
Records show the buyer financed the deal with a $15.6 million loan from Valley National Bank.
The seller is an affiliate of the private equity firm Platinum Equity. The Beverly Hills, California-based company paid $9.5 million for the property in 2012.
The eight-story hotel, just west of North Andrews Avenue, has frontage along Cypress Creek Road and includes Terrace 555 Restaurant & Bar. Other amenities include a pool, a club lounge, event and meeting space, and a fitness center.
Cypress Creek has one of the heaviest concentrations of office buildings in Broward County, with almost 4.1 million square feet of office space, according to CBRE. A new planned development, Uptown Urban Village, is slated to bring 2,560 residential units and 450 hotel rooms to a 353-acre area.
In January, Everwood Hospitality Partners bought a Sheraton Suites hotel in Plantation for $24.7 million. The 264-room hotel is near Art Falcone’s Plantation Walk development site, where Falcone’s Encore Capital Management is building a $350 million mixed-use project that will include 700 apartments, plus 200,000 square feet of retail stores and restaurants.
Source : https://therealdeal.com/miami/2018/03/29/equity-management-partners-buys-sheraton-suites-fort-lauderdale-at-cypress-creek/?utm_source=internal&utm_medium=popular_widget&utm_campaign=posts_popular