Key International and Wexford Real Estate Investors Acquire Fort Lauderdale Marriott Pompano Beach Resort & Spa
MIAMI, Dec 2, 2021 / PRNewswire / – Key International, a leading international real estate development and investment company, and Wexford Real Estate Investors (WREI) have acquired the Fort Lauderdale Marriott Pompano Beach Resort & Spa, a 219-suite beachfront hotel on 1200 N. Ocean Boulevard.
APEX Capital Realty’s specialized hospitality team recognized 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 angel, Commercial Advisor at APEX Capital Realty, represented Key International on this landmark off-market transaction.
“We have seen strong demand for value-adding hospitality investment opportunities South Florida More and more tourism is attracting, developers and investors are looking to reposition and modernize properties on the waterfront. There are significant benefits to be gained from modernizing amenities and the food and beverage establishments serving a new wave of visiting populations South Florida. ” Said Miguel Pinto.
Key International and WREI are planning a major renovation of the property, which is located right on the sand, just steps away from the recently built fishing village of Pompano Beach. Together, the companies plan to transform the property into a beach destination by creating a new resort-style pool deck and renovating the in-room product as well as the on-site restaurant.
“Pompano beach is an up and coming travel destination in the booming South Florida Markt and we are excited to add a beach hotel with so much potential to our portfolio, “says Michael Vassilaros, Chief Investment Officer of Key International. “We anticipate that the demand for resort-style beach experiences will continue to grow and that our planned property renovations will really improve the customer experience.”
The city of Pompano beach recently invested $ 80 million on a beach renovation that unveiled a new seaside park promenade with several family-friendly attractions, the ultra-modern Pompano beach Fishing pier and a new multi-storey car park with a visitor center. A new pedestrian-friendly, urban, mixed-use inner city is to be built in the city by 2025.
Amenities at the Fort Lauderdale Marriott Pompano Beach Resort & Spa include a state-of-the-art spa with a range of wellness treatments, a waterfront fitness center, two on-site restaurants with coastal views, and function rooms suitable for hosting up to 300 guests.
The hotel is the latest addition to a longstanding partnership between Key International and WREI. Together, the companies have several beach hotels with current assets in. developed Panama City Beach, Jacksonville, and Fort Lauderdale.
About Key International
Key International is a full-service real estate company with over 30 years of experience and success in global investments and developments with offices in Miami and Madrid. With a proven track record of delivering great returns for partners, the company specializes in real estate projects that improve clients’ lifestyles through great locations and quality products. This includes future-oriented considerations for everyday life, work, comfort, entertainment and leisure. With these principles in mind, Key International is one of the few real estate firms with a proven record of success in multiple property classes – including condominiums, hospitality, apartment buildings and offices. This diversification is a cornerstone of his approach and is designed to maximize future development and investment opportunities.
Notable projects with over 10 million square feet of living space include the Eden Roc Resort Miami Beach, the Marriott Stanton Hotel South Beach, 400 Sunny Isles, 1010 Brickell, and the Riverfront Community Master Plan (a 13.5-acre gated community in Downtown miami). In addition, Key International manages over $ 1.5 billion in assets under its current hotel portfolio, which consists of over 3,000 hotel units. keyint.com
Wexford Real Estate Investors (“WREI”) was formerly the private real estate investment arm of Wexford Capital LP (“WCLP”) and was spun off from WCLP in 2020 as a separate real estate platform. WREI procures, invests and executes value and growth-oriented real estate transactions with an opportunistic investment philosophy. WREI is currently focusing its investments in sunbelt markets with an emphasis on home rentals and condominiums and has over $ 650 million Equity since 2010 in real estate transactions with a total value of more than $ 1.4 billion. https://www.wexfordrei.com.
About APEX Capital Realty
APEX Capital Realty is an independent commercial real estate broker like no other. It specializes in finding and creating South Florida most unique and lucrative opportunities on the market. APEX Capital Realty is comprised of industry experts and disruptors who have an unparalleled understanding of the unique dynamics and trends that drive the local real estate market. The focused range of services speaks for our extensive industry knowledge. www.apexcapitalrealty.com.
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SOURCE Apex Capital Realty