Ocean Properties Hotels, Resorts & Affiliates just bought out its partner Rockwood Capital for $61 million at their Hollywood Beach Marriott hotel, property records show.
Ocean Properties is now in the driver’s seat of the boutique-style oceanfront hotel at 2501 North Ocean Drive. The deal values the Marriott’s 229 units at $266,400 per key.
Records show Ocean Properties bought the hotel under entity Hollywood Beach LLC, led by Mark Walsh, the son of Ocean Properties founder Tom Walsh. The company also scored a $52 million loan from Fifth Third Bank. The mortgage is set to mature in five years.
The partnership between New York-based Rockwood Capital and Ocean Properties bought the hotel in 2007 for $26.3 million, under the entity Oprock Hollywood Fee, LLC. Records show the hotel was built in 1990 and spans 5.5 acres.
Representatives from both Rockwood and Ocean Properties were not immediately available to comment.
Ocean Properties, which operates about 30 hotels in Florida and over 100 across the country, is in the process of redeveloping its $100 million Sarasota Sandcastle Resort in Lido Beach, with plans to bring two nine-story hotel buildings with 20,000 square feet of commercial space. It bought the Sandcastle for $27.4 million in 2014.
Rockwood, based in Los Angeles, made headlines in January when its “Real Estate Partners Fund X” closed $1.1 billion in capital commitments.