Garrison Investment Group just sold a DoubleTree hotel in Deerfield Beach for $22.3 million, almost 60 percent more than what it paid for the property in 2014.
Garrison sold the 220-room DoubleTree by Hilton Hotel Deerfield Beach-Boca Raton to a subsidiary of Vista Property Management for $101,000 per key, property records show. The acquisition marks a return into South Florida’s hotel market for Vista, which previously owned and managed properties in Plantation and Coral Springs, according to the company’s website. Vista financed the purchase with a $20 million loan from Miami Lakes-based BankUnited.
The deal highlights the strength of the Broward hotel market, where properties are being sold at significant markups from their previous sales prices just a few years ago. Garrison Investment Group, a New York-based distressed asset manager, paid $14 million for the hotel at 100 Fairway Drive in 2014.
The 162,600-square-foot hotel sits on a 270,500-square foot lot just off I-95 in between Fort Lauderdale and Boca Raton. It was built in 1985 and has 17,700 square feet of meeting space and a restaurant, Spotted Stag Gastropub.
Binghamton, New York-based Vista Property Management, led by Ally Visram and his brother Amin Visram, owns hotels throughout the United States, including the Marina Inn at Grande Dunes in Myrtle Beach and the Crown Plaza in downtown Orlando.
A number of hotels are being marketed for sale in nearby Fort Lauderdale. In June, Blackstone Group sold the Hilton Fort Lauderdale Marina to Brookfield Asset Management for $170.6 million, marking one of the biggest South Florida hotel sales in recent years.