Sanjay Patel, Neal Patel & Hiren Patel Of MHG Hotels Acquire Hotel In Fort Lauderdale For $33.25M

The property involved in this transaction is a hotel located at 501 Southeast 24th Street in Fort Lauderdale. It was sold for $33,250,000, comprising 138 keys with an average price per key of $240,942. The hotel spans a total area of 94,026 square feet, which corresponds to a price per square foot of $353. The asset is a 14-story structure built in 2023, known as Aloft Fort Lauderdale Downtown/Airport, strategically located between Downtown Fort Lauderdale, Fort Lauderdale-Hollywood International Airport, and Port Everglades. It features a rooftop pool and bar and serves the strong demand driven by airport and cruise traffic.

Summary of transation details:

• Property Type: Hotel
• Transaction Amount: $33,250,000
• Address: 501 Southeast 24th Street
• Market: Fort Lauderdale
• Buyer: Sanjay Patel, Neal Patel & Hiren Patel - MHG Hotels
• Broker: Bryce Cherko - Cherko Fusco Realty
• Keys: 138
• PPK: $240,942
• SF: 94,026
• PPSF: $353

The transaction was facilitated by Bryce Cherko of Cherko Fusco Realty, who represented the sellers. MHG Hotels is actively pursuing additional hotel acquisitions throughout South Florida.