“This discussion and the awareness of risks associated with oversupply are healthy and necessary.

MIAMI—Another developer has set its sights on Fort Lauderdale's growing real estate market. The developer who brought the historic Langford Hotel to Downtown Miami just inked a high-profile acquisition that's turning heads.

Miami-based Stambul acquired a Clarion Inn near Galleria Mall with plans to transform it into a boutique hotel targeting Millennials and young professionals looking for a social experience, similar to the style of the Langford Hotel. The sale price: $13.75 million.

Stambul acquired the asset from Sunrise Hotel LLC. The property sits at 1055 North Federal Highway. Stambul plans to make a substantial investment to reposition the hotel, including renaming and remodeling the asset. Redevelopment could begin in six months in phases to keep the hotel operating.

“Stambul is expanding and targeting areas with tremendous potential for redevelopment,” Stambul principal Daniel Pena Giraldi tells GlobeSt.com. “Tourism in Broward is fueling a demand for well-positioned hotels targeting Millennials and young professionals looking for a social experience at rates they can afford. We accomplished that at the Langford Hotel and we want to bring the same concept to Fort Lauderdale.”

Stambul acquired the 145-room hotel in the heart of a neighborhood half a mile from the beach that is experiencing a renaissance. For example, RIVA—a riverfront luxury condominium with 100 residences—is under construction across the street. And Galleria Mall's owner is proposing plans to redevelop the shopping center by adding residential units around it.

Stambul is known in the local real estate industry for the innovative restoration and preservation of the Langford Hotel, which was the former iconic Miami National Bank with a Beaux-Arts façade from Miami's 1920s era. Other investments/projects in Downtown Miami include the Old Post Office Building and the 54 Northeast 2nd Street property.

Instant Insights /

Langford Hotel Restorer Striking in Fort Lauderdale

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