The Boca Raton Marriott at Boca Center was sold for $69.3 million
February 3, 2018
The Boca Raton Marriott at Boca Center was sold for $69.3 million to an affiliate of New York-based AVR Realty for
CWI Boca Center Hotel, managed by Carey Watermark Investors, sold the 256-room hotel, at 5150 Town Center Circle, to AVR Boca Center Hotel, part of AVR Realty. The buyer obtained a seven-year, $60 million mortgage, with $35.8 million from Manufacturers & Traders Trust Co. and $24.2 million from Synovus Bank.
The price equated to $270,703 a room.
The Marriott last traded for $57.7 million in 2014, and underwent a $7 million renovation. The 176,506-square-foot hotel was built on the 2.5-acre site in 1987. It includes a pool, fitness center and 29,394 square feet of banquet space.
It’s located within Boca Center, which has many shops and restaurants, and near the Town Center at Boca Raton mall.
Dimension Development was named the new management firm for the hotel.
Press Release The South Florida Business Journal