JLL Closes Sale of Oceanfront Complex
Wednesday July 30th, 2014 - 9:37AM FH
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FORT LAUDERDALE, FL—JLL’s Hotels & Hospitality Group sold Bahia Mar Fort Lauderdale Beach, a 39-acre oceanfront complex, on behalf of Blackstone.
TRR Bahia Mar, LLC, a partnership between Tate Capital LLC, Rok Acquisitions LLC, Rialto Capital and RCI Marine Inc., purchased the leasehold interest in the Bahia Mar Fort Lauderdale Beach Hotel & Marina.
The property has a 296-room Doubletree by Hilton hotel featuring tennis courts, an outdoor pool and development rights on 12.5 additional acres. Also on site is a 245-slip marina and a skywalk to the beach.
Managing Director Gregory Rumpel, SVP Andrew Dickey and VP Carolina Lacerda led the JLL team on the transaction.
JLL also executed the sales of 551 North Ft. Lauderdale Beach Boulevard and B Ocean Fort Lauderdale in the past six months.
“Fort Lauderdale’s status as a market with robust fundamentals continues to rise. A limited supply pipeline and increasing demand is driving returns upward,” stated Rumpel. “A world-class marina and hotel that has consistently delivered high yields attracted the attention of numerous investors across the spectrum.”
Tags: JL • DoubleTree by Hilton • Fort Lauderdale • FL • Bahia Mar Fort Lauderdale Beach • Hospitality • Brokers • Ownership •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.