Neither Thayer nor Amstar disclosed the price of the sale. On condition of anonymity, a source familiar with the transaction tells GlobeSt.com it was $31 million, or $110,714 a key. The hotel originally opened in 1968, and a new wing was added in 1980. Amstar's repositioning encompassed upgrades to the entire property, from guest rooms to public areas, says Phillip Hutchins, VP of Amstar's hotel division. He declined to disclose the price his company paid for the asset a decade ago.

"We recognized the tremendous growth South Florida markets had seen, and the time was right for us to execute an off-market disposition," says Gabe Finke, Amstar's CEO, in a statement. He called the sale "a prime example" of how his company "unlocks value investing in well-targeted but under-performing assets."

Memphis-based Davidson Hotel Co. managed the property for Amstar. According to John A. Belden, Davidson's president and CEO, RevPAR increased by more than 80% during his company's two years of operation. He credits the increase to the renovation and implementation of Davidson's proprietary management system.

Thayer will operate it under the Doubletree franchise. Hutchins tells GlobeSt.com the property is entitled to allow for the addition of 136 guest rooms and 34,000 sf of meeting space. Marty Reid, Thayer's managing director, tells GlobeSt.com, "we would like to expand the hotel eventually. We'll reposition to focus on selling to groups interested in having meetings." He says Thayer plans "substantial renovations," but declined to put a dollar figure on the investment.

Thayer plans to "reposition the asset through a series of operational and physical changes and an enhanced, modern design," according to a statement. Sujan Patel, VP, says, "we're pleased to acquire an asset with both repositioning and expansion potential in a high growth market."