Fort Lauderdale Hotel Sells for $10 Million
3001 North Federal Highway hotel sold for $10 million at $98 per square foot.
A hotel located at 3001 North Federal Highway in Fort Lauderdale, FL has been sold for 10 million at a price of 98 per square foot. The deal was closed on November 28, 2019. The property has a total square footage of 102,000 and was sold by an undisclosed seller to an undisclosed buyer. The brokers involved in the deal were Aaron O’Connor, Tyler Carbonelli, Scott Havericak, Robert Hunter, Adam Duncan, and Joseph Thomas.
The hotel is located in a prime location in Fort Lauderdale, which is a popular tourist destination. The property is situated near the beach and is close to many restaurants, shops, and other attractions. The hotel has a total of 150 rooms and offers a range of amenities, including a pool, fitness center, and conference rooms.
The buyer of the property is expected to invest in upgrades and renovations to improve the hotel’s overall appeal and increase its profitability. The seller, on the other hand, is likely to use the proceeds from the sale to invest in other real estate ventures.
The brokers involved in the deal are all experienced professionals in the commercial real estate industry. Aaron O’Connor, Tyler Carbonelli, and Scott Havericak are all part of the Marcus & Millichap team, while Robert Hunter, Adam Duncan, and Joseph Thomas are part of the Hunter Hotel Advisors team. The involvement of multiple brokers in the deal highlights the competitive nature of the commercial real estate industry and the importance of having a strong network of professionals to facilitate transactions.
Overall, the sale of the Fort Lauderdale hotel for $10 million is a significant transaction in the commercial real estate market. The property’s prime location and potential for upgrades make it an attractive investment opportunity for the buyer, while the seller is able to capitalize on the property’s value and use the proceeds to invest in other ventures. The involvement of multiple brokers in the deal underscores the importance of having a strong network of professionals in the commercial real estate industry.