Newbond Holdings has purchased a waterfront hotel in Boca Raton, Fla., for almost double the price it sold for a decade ago.
The investor dropped $37.9 million for the 139-key Waterstone Resort & Marina Boca Raton, property records show. The sale equates to $272,700 per key.
Located at 999 E Camino Real, the hotel sits at the tip of a barrier island near the South Inlet Park. A decade ago, the seller, hotel manager Spire Hospitality, acquired the property for $20.2 million, per records.
Built in 1976, the one-building resort includes 8,000 square feet of event space, two restaurants, and, as its name suggests, a marina, per records. A room rents for upwards of $250 a night during the high season.
“We were drawn to Boca Raton, and South Florida in general, by the unabated flow of families and businesses relocating to this market,” Neil Luthra, a co-founder of Newbond Holdings, said in a statement.
The Boca Raton sale marks the second hotel acquisition for Newbond Holdings in the Sunshine State. Up north, it purchased the 309-room Westin Tampa Waterside hotel for $67.5 million in September, together with private equity giant Apollo Global Management, the Tampa Bay Times reported.
South Florida also has seen its own share of resort deals this year as travel has picked thanks to the vaccine rollout.
Last week, Key International and Wexford Real Estate Investors purchased a Pompano Beach oceanfront hotel for $54 million. Pebblebrook Hotel Trust said it purchased the Margaritaville Hollywood Beach Resort for $270 million in September. The following month, Swire Properties sold the EAST hotel in Brickell for $174 million.
Julia Echikson can be reached at email@example.com.