Hotel Sells for Less Than 1998 Price

FORT LAUDERDALE, FL-Blackstone sold the 240 rooms across from the beach for $13.8 million.

By Eric Kalis | Updated on September 21, 2009

(This story, in slightly different form, originally appeared in ALM’s Daily Business Review.)

FORT LAUDERDALE, FL-The real estate arm of Blackstone Group, a New York-based private equity firm, has sold a hotel across from the beach. The price was about $300,000 less than it sold for just over a decade ago.

Blackstone Real Estate Advisors sold the hotel and two parking lots at 999 N. Fort Lauderdale Beach Blvd. for nearly $13.8 million to Weston-based Insite Sunrise Beach, an affiliate of Insite Development Group, according to Broward County records. The deal closed Sept. 15.

Blackstone took title to the 240-unit hotel, which most recently operated as a Holiday Inn, in January 2006 after its parent company acquired Bethesda, MD-based MeriStar for $2.6 billion. MeriStar paid $14 million for the hotel and parking lots totaling 1.2 acres in 1998.

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