Ft. Lauderdale Hotel
Hotel Re-Development and Repositioning in Ft Lauderdale
Completed in 2009, Quadrum’s first US hotel acquisition was of a former Holiday Inn located on beachfront in Ft. Lauderdale. It is a typical example of our approach to distressed investing: seek well-located properties with value-add potential which are regarded as non-core by its current owner, unable or unwilling to hold them for strategic or financial reasons.
- The property was acquired in a short sale from a Blackstone-sponsored CMBS pool in liquidation at a 70% discount to previous owner’s cost basis.
- Unencumbered by brand or management, the non-operating hotel was an ideal candidate for renovation and repositioning due to its prime beachfront location and close proximity to both Ft. Lauderdale and Miami International Airports. The property featured over 240 rooms, almost all of which had ocean views.
- Following extensive exterior and interior renovation, the hotel was re-opened in 2011 and positioned as an independent 4-star property, managed by Davidson Hotels and Resorts and Insite Group.
- As is typical of our developments, we ensured that the property can be bought without any brand, management or debt encumbrances, thus making it an attractive acquisition target for a variety of investors. After its reopening and stabilization, the operating hotel was acquired and re-branded in 2014 by HPB/Sonesta, an integrated hospitality REIT.