Blackstone Sells Three Marriott Hotels in Broward County
By Julia Echikson August 16, 2023 9:40 pm
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Blackstone (BX) sold three Marriott-branded hotels in Broward County for a combined $64.3 million, property records show.
Two hotels are next door to one another on Hotel Road in Miramar, between Miramar Parkway and Interstate 75, while the third is in Plantation.
The larger of the two Miramar properties, Residence Inn by Marriott at 14700 Hotel Road, houses 130 rooms. The other hotel, Courtyard by Marriott at 14500 Hotel Road, features 125 rooms. Together, the two hotels total 169,380 square feet.
The Plantation property, another Residence Inn by Marriott, is located at 130 N University Drive near the Broward Mall. The 101,194-square-foot property holds 138 rooms.
The Courtyard hotel and Plantation’s Residence Inn traded for $20.7 million each, while the Residence Inn in Miramar sold for $22.9 million, according to the deeds.
Blackstone’s acquisitions, which all date back to 2019, followed a similar pattern. The New York-based private equity giant bought the Courtyard hotel and Plantation’s Residence Inn for $14.7 million each and Miramar’s Residence Inn for $13.8 million, spending a total of $43.2 million, according to property records.
The buyer of the recent trades, Three Wall Capital, secured a $47.8 million loan from Guggenheim Partners Investment Management, which will also cover a hotel in Arizona, mortgage documents show. Based in New York, Three Wall specializes in hospitality and owns 83 hotels in the U.S. and Bermuda.
A representative for Three Wall Capital did not respond to comment, while a spokesperson for Blackstone declined to comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
