HOLLYWOOD, FL—SoTHERLY Hotels Inc. has acquired the remaining 75% interest in the entities that own the 311-room Crowne Plaza Hollywood Beach Resort in Hollywood, FL, for $26.25 million. The company previously owned a 25% non-controlling interest in the hotel through a joint venture with an affiliate of The Carlyle Group.
As a part of the transaction, the company assumed the existing $57 million first mortgage with Bank of America, N.A. Chesapeake Hospitality will continue to manage the hotel under a new management agreement.
“Acquiring the outstanding ownership interests of the Hollywood Hotel is a milestone event for SoTHERLY Hotels. Coupled with our first common stock offering since our IPO, this transaction represents the culmination of nearly a decade of involvement and steps taken towards whole ownership of this asset,” said CEO Drew Sims, SoTHERLY Hotels. “This hotel gives us a premier leisure property in the fourth largest MSA in the Southern United States. This is a hotel and market we know extremely well, and we look forward to having full control of the asset and unlocking additional value for our shareholders.”
Open since 2007, the hotel offers 311 luxury guestrooms and suites and provides access to the Intracoastal Waterway and Atlantic Ocean. Close to Fort Lauderdale and Miami, nearby attractions include the Hollywood Conference Center, Gulfstream Park, Hard Rock Casino, and South Florida’s famous beaches and nightlife.
The oversized guestrooms and suites include kitchenette amenities such as microwave ovens and refrigerators. All guestrooms have a walk-out balcony with partial Intracoastal Waterway and ocean views.
The property has dining both inside and outside the resort—Elements Bistro serves an Asian/Caribbean fused menu for breakfast, lunch and dinner and the poolside Lava Tiki Bar & Grille offers bar food and signature cocktails. Located in the resort lobby, the Cool Beans Coffee Bar has a full selection of Starbucks coffees. The property has easement rights allowing direct access to the beach.
The hotel features a health and fitness center, gift shop, business center, outdoor open-air infinity-edge resort pool and 10,000 sq. ft. of full-service banquet and meeting space, including a 3,200 sq. ft. climate-controlled outdoor event tent.