Suites – Fort Lauderdale Airport) in Dania Beach, Florida
|Miami, Florida -- May
11, 2006 - Aztec Group, Inc., Florida’s leading real estate investment
and merchant banking firm, is pleased to announce the sale of the Stirling
Suites (formerly SpringHill Suites by Marriott – Fort Lauderdale Airport)
in Dania Beach, Florida. JHM Hotels acquired the property for $17,400,000
from Oakridge Hotel I, Ltd. Boaz Ashbel, Managing Director of Aztec
Group, Inc., advised both parties in the sale of the 168-suite hotel.
The Stirling Suites is located on the northeast quadrant of Interstate 95 and Stirling Road, less than a mile south of the Fort Lauderdale/Hollywood International Airport and four miles southwest of Port Everglades. Built in 1999, the property was issued the first SpringHill Suites franchise by Marriott in Florida. Since July 2005, the property has been run independently. As part of its re-branding efforts, JHM Hotels is planning a $4 million renovation of the property, including an upgrade of guestrooms, signage and common areas.
“Interest level in this unique property was particularly high among hospitality investors” Ashbel pointed out. “This strong interest resulted from the property’s superior location, the continued strong performance of the Fort Lauderdale Airport hotel market, and the economic and physical barriers to entry of new competition.”
Founded in 1981, Aztec Group, Inc. is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients.
|Also See:||Aztec Group, Inc. Arranges the $12 Million Sale of the Comfort Inn Airport/Cruise Port South, Hollywood, Florida / February 2006|
|Aztec Arranges $20 million for Condo-Hotel Redevelopment Financing for the Breakwater and Edison Condo/Hotels in the Historic Art Deco District of South Beach / October 2005|
|Aztec Group, Inc., Arranges $28 million in Sale and Financing of the Doubletree Resort Orlando – Villas at Maingate in Kissimmee, Florida / August 2005|
|Aztec Arranges the Historic Sale of World-Famous Fontainebleau Hotel, A Miami Beach Landmark / June 2005|
|Aztec Group Places $21 million Bridge Loan on the Breakwater/Edison Hotels on Miami Beach / October 2004|