MIAMI—Two South Florida Hampton Inns have changed hands. Lightstone Value Plus Real Estate Investment Trust, Inc. acquired Hampton Inn Miami – Airport West and the Hampton Inn & Suites Fort Lauderdale – Airport, for $31 million. The hotels have a combined 231 keys.
“We believe these are two premium-branded hotels with demonstrated performance in the select service market space,” says David Lichtenstein, chairman and CEO of Lightstone. “Both properties are well located in their respective airport markets and we think they are poised for growth in their occupancies and rates.”
The purchase is part of Lightstone's growth strategy to acquire a portfolio of service hotels across the country over the next 12 months. The two South Florida hotels have been placed under new management, which will be overseen by Lightstone's hospitality division.
The six-story, 127-guestroom Hampton Inn Miami – Airport West is located on NW 79th Avenue within the City of Doral, a strong and growing corporate market. The hotel is about six miles from the Miami International Airport and accessible from both SR-836 (Dolphin Expressway) and SR-826 (Palmetto Expressway). Access to Florida's Turnpike is via NW 36th Street, about four miles west of the hotel.
The five-story, 104-guestroom Hampton Inn & Suites Fort Lauderdale – Airport is east of Interstate 95 on Stirling Road in Hollywood, FL and about three miles south of the Fort Lauderdale-Hollywood International Airport, which is currently undergoing a significant expansion.
The hotel is also about four miles southwest of Port Everglades, one of the nation's top passenger cruise ports. The Hampton sits at the northern entrance of the Oakwood Shopping Plaza, the largest open-air shopping center in South Florida with more than 900,000 square feet of retail and restaurants.
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