Summit Acquires Courtyard by Marriott Fort Lauderdale
BySummit Hotel Properties Inc. acquired Courtyard by Marriott Fort Lauderdale, which also included a 0.8-acre vacant land parcel and 6,200 square feet of retail space, for $85 million.
Located at 440 Seabreeze Blvd., the 261-key hotel recently underwent renovations and the company plans to invest $1.6 million over the next year for public space improvements and a patio bar redesign. Summit estimates a capitalization rate of 7.8 percent based on management’s current estimate of the hotel’s net operating income during the first year of ownership.
The 12-story property offers two meeting rooms with a total of 1,412 square feet of space, laundry on-site, the BISTRO restaurant, a fitness center, an outdoor pool including the Seabreeze Poolside Bar, a business center, and a market….
Summit Acquires Courtyard by Marriott Fort Lauderdale
