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.

POMPANO BUSINESS PARK

Colliers International is pleased to present the opportunity to occupy a sublease in the Pompano Business Park, a ±119,000 SF industrial warehouse building in Pompano Beach. 1520 NW 5th Court is located in the city of Pompano Beach, immediately west of Interstate 95, just south of Atlantic Boulevard, with easy access to the Florida’s Turnpike.

FEATURES

• 11,502 SF of which 1,615 SF is Office/Showroom
• Immediate Occupancy
• Lease Expires 7/2019
• 2 Dock Doors
• 1 Drive In with Oversize Door
• 24’-28’” Clear Ceiling Height
• T-5 Lighting
• Pricing: $6.40 NNN PSF

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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.