Michigan-Based Investment Group Purchases Residence Inn By Marriott Boca Raton For $15 Million

The property involved in this transaction is a 120-room hotel located at 525 Northwest 77th Street in Boca Raton, comprising 4.26 acres. The sale price for this asset was $15,000,000, which translates to a price per key of $125,000.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $15,000,000
• Address: 525 Northwest 77th Street
• Market: Boca Raton
• Acres: 4.26
• Keys: 120
• Price Per Key: $125,000

The transaction was brokered by David Altman, Adam Sklaver, Phil Kates, and Jeff Halavacs from Marcus & Millichap. The buyer is a Michigan-based investment group that plans to convert the property into student housing for Florida Atlantic University, after dropping the Marriott flag currently associated with the Residence Inn by Marriott Boca Raton.