The Sheraton Suites Fort Lauderdale at Cypress Creek sold for $18.25 million.March 26, 2018
The Sheraton Suites hotel at 555 N.W. 62nd Street in Fort Lauderdale sold to Equity Management Partners for $18.25 million.
This comes just weeks after the hotel reopened following damage from Hurricane Irma in September.
Ft. Lauderdale Falcon Hotel, an affiliate of Beverly Hills, California-based Platinum Equity, sold the 253-room all-suite hotel at 555 N.W. 62nd St. (Cypress Creek Road) to Cypress Creek Hotel LLC, managed by Benjamin Mallah of Largo-based Equity Management Partners, which operates dozens of hotels nationwide. Valley National Bank provided the buyer with a $15.64 million loan.
The hotel last traded for $9.5 million in 2012, so it gained 92 percent in value in six years.
The 264,831-square-foot hotel was built on the 4.8-acre site a few blocks west of Interstate 95 in 1987. It features a pool, a club lounge, 13,000 square feet of event/meeting space, a fitness center and the Terrace 555 Restaurant & Bar.
The hotel is in the middle of the Cypress Creek market, which has nearly 4.1 million square feet of office space and major corporate tenants such as Microsoft, Citrix Systems, Zimmerman Advertising and Hotwire. There’s a pending plan called Envision Uptown to rezone much of this area to allow for more residential units and additional hotels.
It’s also near Fort Lauderdale Executive Airport.
Info credit The South Florida Business Journal.