Renaissance Fort Lauderdale Cruise Port Hotel sold | Marriot plans to expand to add up to $ 295,000

March 18, 2019

Marriot plans to open more than 1,700 hotels over the next three years. The hotel company expects to add between 275,000 and 295,000 rooms to its portfolio by 2021, according to the Wall Street Journal. It could take in $400 million in fee revenue from the new rooms that year, and up to $700 million annually when stabilized.

The plan assumes that comparable hotel revenue per available room (RevPar) will rise by between 1 and 3 percent.

Marriott, which owns the Ritz-Carlton and St. Regis brands, also said it could have earnings between $7.65 and $8.50 a share by 2021 and between $7.6 and $9 billion in stock buybacks over the next three years. The company, led by CEO Arne Sorenson, also said it would return $11 billion to shareholders by 2021.

Full Article: How Marriott plans to collect an extra $400M in revenue a year
Company plans to add up to 295,000 new rooms by 2021

Wurzak Hotel Group bought the Renaissance Fort Lauderdale Cruise Port Hotel for $62.2 million.

The Philadelphia-based hotel group bought the 236-room hotel near Port Everglades at 1617 Southeast 17th Street for about $262,000 per room. Wurzak bought the Marriott-branded hotel from Atlanta-based Noble Investment Group, records show.

The hotel sold for a sharp increase compared to the last sale price. Noble Investment Group bought the property for $48.1 million in 2015, records show. The hotel was built in 2001 and totals 254,606 square feet. The hotel also has a 3,784-square-foot ballroom and a restaurant, Bistro 17.

Full Article: Wurzak buys Renaissance hotel near Port Everglades
The Philadelphia-based group paid $62M or about $262K per room

 

Article Source: The Real Deal South Florida

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