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Blackstone bets on Broward County with hotels purchase

The three hotels were sold by RLJ Lodging Trust

Blackstone CEO, 14500 Hotel Road and 14700 Hotel Road, 130 North University Drive
Blackstone CEO, 14500 Hotel Road and 14700 Hotel Road, 130 North University Drive

Blackstone scooped up three Broward County hotels for $43.2 million, signaling the private equity company’s growing footprint in South Florida.

The New York-based company bought two hotels in Miramar — a 125-room Courtyard by Marriott and a 130-room Residence Inn — along with a 138-room Residence Inn in Plantation. The two Miramar hotels are adjacent to each other at 14500 Hotel Road and 14700 Hotel Road, while the Plantation hotel is at 130 North University Drive.

A company tied to Bethesda, Maryland-based RLJ Lodging Trust sold the three hotels, records show. The properties last traded between 2006 and 2007.

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Blackstone and other institutional investors are increasingly buying properties across South Florida. In May, Blackstone paid $208.8 million for a pair of neighboring apartment complexes in Doral: Doral View at 901 Northwest 97th Avenue, and Town Fontainebleau Lakes at 1062 Northwest 87th Avenue. The portfolio deal marked the largest multifamily deal in South Florida so far this year.

Earlier this year, the Blackstone Group closed a $20 billion private-equity real estate fund, its largest fund to date.

In South Florida, thousands of new hotel rooms are hitting the market, which is driving down occupancy rates. In the first quarter, the hotel occupancy rate in Broward County fell to 83.5 percent, about a percentage point drop from last year, according to hospitality industry monitor STR.

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