MIAMI—Investors have a solid appetite for South Florida hotels. The latest example is the Doubletree in Deerfield Beach.
Although it’s not in the same league as the $213 million St. Regis Bal Harbour Resort sale or the $175 million Shore Club sale, it’s still a noteworthy deal. Indeed, it puts an exclamation point on the trend.
Lisa Zaranek of CBRE‘s Orlando office and Robert Taylor of the firm’s Miami office represented the seller, CS Hospitality. Garrison Deerfield Propco purchased the hotel for $14 million.
“Investor interest in the Florida hotel market is extremely robust,” says Zaranek. Located at 100 Fairway Drive, the hotel features 220 guestrooms and 20,000-square feet of flexible meeting and event space.
“We received tremendous interest in the DoubleTree given its strong franchise affiliation and location in South Florida, as well as the upside potential from market growth and property improvements,” says Taylor. The DoubleTree is also located in close proximity to several million square feet of commercial office space and is next to the proposed Hillsboro Technology Park, featuring 750,000 square feet of office and industrial space.