MIAMI, Dec. 2, 2021 /PRNewswire/ — Key International, a leading international real estate development and investment firm, and Wexford Real Estate Investors (WREI) have acquired the Fort Lauderdale Marriott Pompano Beach Resort & Spa, a beachfront hotel consisting of 219 suites located at 1200 N. Ocean Blvd.
APEX Capital Realty’s specialized hospitality team identified the opportunity to trade this signature waterfront asset. Miguel Pinto, President / Managing Broker of APEX Capital Realty, and Garrick Benabe, Director of Hospitality Investments represented the sellers Pompano Hotel I LLC et al. Miguel Pinto, Garrick Benabe, and Ovy Anghel, Commercial Advisor at APEX Capital Realty represented Key International in this landmark off-market transaction.
"We have seen a great demand for value-add hospitality investment opportunities. As South Florida continues to attract increased tourism, developers and investors are looking to reposition and upgrade waterfront properties. There is significant upside available by revamping amenities and the food and beverage operations which will serve new wave of elevated demographics that are visiting South Florida." Said Miguel Pinto.
Key International and WREI plan a major renovation to the property, which is located directly on the sand, just steps away from the recently constructed Pompano Beach Fishing Village. Together, the companies plan to transform the property into a beachfront destination by creating a new, resort-style pool deck and renovating the room product as well as the on-site restaurant.
"Pompano Beach is an up-and-coming destination within the booming South Florida market and we’re excited to add a beachfront hotel with so much potential to our portfolio," says Michael Vassilaros, Chief Investment Officer of Key International. "We expect demand for resort-stlye beachfront experiences to continue to grow and our planned renovations to the property will really elevate the customer’s experience"
The city of Pompano Beach recently invested $80 million in a beachfront renovation that unveiled a new oceanfront park promenade featuring several family-friendly attractions, the state-of-the-art Pompano Beach fishing pier and a new parking garage structure with a visitor center. The city is set to welcome a new pedestrian-friendly, urban, mixed-use downtown area by 2025.
Amenities at the Fort Lauderdale Marriott Pompano Beach Resort & Spa include a state-of-the-art spa offering an array of wellness treatments, a water-front fitness center, two on-site restaurants overlooking the coast, and event spaces equipped to host up to 300 guests.
The hotel marks the latest addition to a long-term partnership between Key International and WREI. Together, the firms have developed multiple beachfront hotel properties with current assets in Panama City Beach, Jacksonville, and Fort Lauderdale.
About Key International
Key International is a full-service real estate firm bringing over 30 years of leadership and success in global investments and developments, with offices in Miami and Madrid. With a proven track record in generating excellent returns for partners, the firm specializes in real estate projects that improve customers’ lifestyles through great locations and quality product. This includes forward-thinking considerations for everyday life, work, convenience, entertainment, and leisure. Following these principles, Key International is one of the few real estate firms with the demonstrated ability to deliver success across multiple real estate classes – including condominium, hospitality, multifamily, and office. Such diversification is a cornerstone of its approach and serves to maximize future development and investment opportunities.
With over 10 million square feet in residential developments, notable projects include Eden Roc Resort Miami Beach, Marriott Stanton Hotel South Beach, 400 Sunny Isles, 1010 Brickell, and the master plan of Riverfront Community (a 13.5-acre gated community in Downtown Miami). Additionally, Key International manages over $1.5 billion in assets under its current hotel portfolio comprised of over 3,000 hotel units. keyint.com
Wexford Real Estate Investors ("WREI") was formerly the private market real estate investing arm of Wexford Capital LP ("WCLP") and in 2020 was spun out of WCLP as a dedicated, standalone real estate platform. WREI sources, invests and executes in value and growth driven real estate transactions using an opportunistic investment philosophy. WREI currently focuses its investments in sunbelt markets with an emphasis on residential rental and condominium investments, and has invested in excess of $650 million in equity since 2010 in real estate transactions with a total value in excess of $1.4 billion. https://www.wexfordrei.com.
About APEX Capital Realty
APEX Capital Realty is an independent commercial real estate brokerage firm like no other. It specializes in finding and creating South Florida’s most unique and lucrative opportunities in the market. APEX Capital Realty is composed of industry experts and disruptors which possess an unparalleled understanding of the unique dynamics and trends that drive the local real estate market. It’s focused range of services speak to our extensive breadth of industry knowledge. www.apexcapitalrealty.com.
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SOURCE Apex Capital Realty