Highgate Capital Management shed another La Quinta Inn by Wyndham property in South Florida, as hotel sales heat up in the tri-county region.
The Irving, Texas-based hospitality real estate firm sold the 114-room hotel at 5981 Okeechobee Boulevard in unincorporated Palm Beach County for $13 million, records show. The buyer is an entity managed by Samuel Bonnadrel, founder of Rore Investment Group, a real estate investment firm based in Jacksonville.
The deal breaks down to roughly $114,000 per key. Rore obtained a $9.7 million mortgage from Ocean Bank.
The three-story building on a nearly 3-acre site was completed in 1988, records show. Highgate, led by co-chairmen Mahmood Khimji and Mehdi Khimji, paid $7.3 million for the property in 2006.
Highgate is on a South Florida selling spree. This month, the firm also sold a pair of La Quinta Inn hotels in Plantation and Coral Springs to other entities managed by Bonnadrel for a combined $26.6 million, records show.
In September, Highgate sold two La Quinta hotels in Doral and Miami Springs for $17 million. And in July the company sold another pair of La Quinta properties in Hollywood and Doral for a combined $36.3 million. Across the U.S. Latin America, the Caribbean and Europe, Highgate has more than 87,000 hotel rooms under management, according to the firm’s website.
South Florida is seeing a flurry of hotel trades in recent months. This month, investment giant Blackstone sold The Hampton Inn & Suites hotel in Tamarac for $17.8 million. The buyers were entities managed by Ramzan and Amin Gulamali, principals of Altamonte Springs-based hotel development and investment firm F + F.
In September, a Hilton Garden Inn in Miami Beach sold for $28 million, and a Doubletree by Hilton Hotel in Deerfield Beach traded for $27 million. The same month, Catalyst Capital Group paid $39.3 million for the Balfour Hotel in Miami Beach.