Brookfield Asset Management Acquires Hilton Fort Lauderdale Marina For $170.6M

The Hilton Fort Lauderdale Marina was sold to Brookfield Asset Management for $170.6 million. The 589-room hotel is located at 1881 Southeast 17th Street in Fort Lauderdale, Florida. The property sits on 9 acres of land facing the Intracoastal Waterway and features a 33-slip marina. The sale price equated to approximately $290,000 per key for the hotel, making it the third-largest in Broward County.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $170,600,000.00
• Market: Fort Lauderdale
• Seller's Rep: Natalie Castillo (CBRE)
• Buyer: Brookfield Asset Management
• Additional Information: The property was built in 1980 and 1981 and has undergone significant renovations, notably in 2008.

The Blackstone Group, acting through its representative Natalie Castillo from CBRE, facilitated the sale of the Hilton Fort Lauderdale Marina to Brookfield Asset Management. Brookfield, a global asset manager with over $285 billion in assets, now adds the hotel to its portfolio, which also includes the Diplomat property. The Hilton Fort Lauderdale was previously acquired in 2006 by Blackstone, under the entity FL Grande LLC, led by Jonathan Gray, as part of a larger deal involving the purchase of the hotel REIT MeriStar Hospitality Corp.