Fort Lauderdale’s lodging market is on fire and shows no signs of slowing as it notched another high volume sale. JLL’s Hotels & Hospitality Group today announced the sale of Bahia Mar Fort Lauderdale Beach, a 39-acre ocean front complex, on behalf of Blackstone. TRR Bahia Mar, LLC, a partnership between Tate Capital LLC, Rok Acquisitions LLC, Rialto Capital and RCI Marine Inc, purchased the leasehold interest in the Bahia Mar Fort Lauderdale Beach Hotel & Marina.
JLL has also executed the sales of 551 North Ft. Lauderdale Beach Boulevard and B Ocean Fort Lauderdale in the past six months, bringing the total of major beachfront sales in the market to three as all signs point to the market being on track to surpass the projected $450 million in sales transactions for the year.
Managing Director Gregory Rumpel, Senior Vice President Andrew Dickey and Vice President Carolina Lacerda led the JLL team on the transaction.
“Fort Lauderdale’s status as a market with robust fundamentals continues to rise. A limited supply pipeline and increasing demand is driving returns upward,” said Rumpel. “A world-class marina and hotel that has consistently delivered high yields attracted the attention of numerous investors across the spectrum.”
The property hosts a Doubletree hotel, totalling 296 keys and featuring tennis courts, an outdoor pool and development rights on 12.5 additional acres. Also on site is a 245-slip marina, one of the largest in the country and home of the Fort Lauderdale International Boat show, the largest boat show in the world with an estimated financial impact to South Florida of $500 million annually. Bahia Mar is also one of the few resorts in Fort Lauderdale with a skywalk to the beach, making Bahia Mar the only resort with direct beach and marina access in the area. The complex is located between the Atlantic Ocean and the Intracoastal Waterway and only minutes away from the area’s top dining, shopping and entertainment venues.
JLL’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s 300 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totalling nearly US $36 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com.