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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.