Miami Mortgage News

Price revealed: Marriott hotel in Pompano sells for $25M

Property records revealed Friday the price of a Massachusetts-based company’s hotel acquisition in Pompano Beach: $24.8 million. In September, the Claremont Companies acquired the Residence Inn by Marriott for an unknown amount and began managing the property, which has a litigious history dating back to 2002.

At the time of the sale, $21.5 million in financing for the deal was issued by U.S. National Bank. The newly released price breaks down to $281,818 per room. The beachfront hotel, at 1350 North Ocean Boulevard, has 88 hotel rooms, a wedding chapel, two swimming pools, an on-site restaurant and 2,500 square feet of conference space.

Its largest amenity is a 20,000 square foot fitness and spa facility. It was once an independent condo-hotel called the Spa Atlantis Ocean Resort, where investors purchased units and leased them back to the management, which would then rent them out to guests. But a 2003 federal lawsuit alleged the management, Spa Atlantis LLC and Chai Development LLC, stiffed the owners for their payments.

The suit was eventually dismissed in 2005: it’s unknown what agreement the two parties reached, but Chai sold off all the units in bulk to a Minnesota company that same year. Mercury Investment, the property’s new owner, re-branded the condo-hotel as Ocean Sands Spa & Resort Residences, and later brought on Concord Hospitality Enterprises and Aztec Group as partners in 2009.

Then in 2010, the hotel underwent its final re-branding as the Residence Inn by Marriott Pompano Beach/Oceanfront, under which it operates today.

Former city hall site downtown sold to developer for mixed-use project, hotel

West Palm Beach agreed to sell the site of its former city hall to developer Navarro Lowery for a mixed-used project anchored by an AC Hotel.
The city commission approved the $11.5 million sales contract on Jan. 4 for the 2.3-acre site at 200 2nd Street, which has a water view. The deal also includes $1.5 million in tax increment repayments over five years plus a $1 million construction incentive through the city’s community reinvestment agency. The city agreed to approve the 410,000-square-foot project within 60 days of it being submitted.
Meanwhile, the CRA will lease the neighboring waterfront site to Navarro Lowery for a restaurant and open space.
The deals can close once development approvals are in place.

The development plan calls for a 180-room AC by Marriott Hotel, 6,500 square feet of meeting rooms, a rooftop bar and pool deck, 295 units for either live-work apartments or office suites, and 36,000 square feet of retail, including the 5,000-square-foot restaurant overlooking the water. It would have a 416-space parking garage.

Navarro Lowery, led by Frank E. Navarro, plans to transfer the hotel ownership to Concord Hospitality, according to city documents

Price revealed: Marriott hotel in Pompano sells for $25M

Property records revealed Friday the price of a Massachusetts-based company’s hotel acquisition in Pompano Beach: $24.8 million. In September, the Claremont Companies acquired the Residence Inn by Marriott for an unknown amount and began managing the property, which has a litigious history dating back to 2002.

At the time of the sale, $21.5 million in financing for the deal was issued by U.S. National Bank. The newly released price breaks down to $281,818 per room. The beachfront hotel, at 1350 North Ocean Boulevard, has 88 hotel rooms, a wedding chapel, two swimming pools, an on-site restaurant and 2,500 square feet of conference space.

Its largest amenity is a 20,000 square foot fitness and spa facility. It was once an independent condo-hotel called the Spa Atlantis Ocean Resort, where investors purchased units and leased them back to the management, which would then rent them out to guests. But a 2003 federal lawsuit alleged the management, Spa Atlantis LLC and Chai Development LLC, stiffed the owners for their payments.

The suit was eventually dismissed in 2005: it’s unknown what agreement the two parties reached, but Chai sold off all the units in bulk to a Minnesota company that same year. Mercury Investment, the property’s new owner, re-branded the condo-hotel as Ocean Sands Spa & Resort Residences, and later brought on Concord Hospitality Enterprises and Aztec Group as partners in 2009.

Then in 2010, the hotel underwent its final re-branding as the Residence Inn by Marriott Pompano Beach/Oceanfront, under which it operates today.

Former city hall site downtown sold to developer for mixed-use project, hotel

West Palm Beach agreed to sell the site of its former city hall to developer Navarro Lowery for a mixed-used project anchored by an AC Hotel.
The city commission approved the $11.5 million sales contract on Jan. 4 for the 2.3-acre site at 200 2nd Street, which has a water view. The deal also includes $1.5 million in tax increment repayments over five years plus a $1 million construction incentive through the city’s community reinvestment agency. The city agreed to approve the 410,000-square-foot project within 60 days of it being submitted.
Meanwhile, the CRA will lease the neighboring waterfront site to Navarro Lowery for a restaurant and open space.
The deals can close once development approvals are in place.

The development plan calls for a 180-room AC by Marriott Hotel, 6,500 square feet of meeting rooms, a rooftop bar and pool deck, 295 units for either live-work apartments or office suites, and 36,000 square feet of retail, including the 5,000-square-foot restaurant overlooking the water. It would have a 416-space parking garage.

Navarro Lowery, led by Frank E. Navarro, plans to transfer the hotel ownership to Concord Hospitality, according to city documents