ABH Corp. Acquires 253-Room Sheraton Suites Fort Lauderdale Cypress Creek Hotel For $28M

The 253-room Sheraton Suites Fort Lauderdale Cypress Creek hotel in Florida has been sold for $28 million. The property, located at 555 Northwest 62nd Street in Fort Lauderdale, sits on a 4.8-acre lot. The sale was completed on July 27, 2023. The buyer, ABH Corp. represented by Arif Butt, acquired the hotel from Equity Partners Management. The transaction was facilitated by Dade County Federal Credit Union, which provided a loan of $19.5 million. Royal Oaks Hospitality will take over the management of the hotel.

Summary of transaction details:

• Property Type: Hotel
• Sale Price: $28,000,000
• Address: 555 Northwest 62nd Street, Fort Lauderdale, Florida
• Market: Fort Lauderdale
• Buyer: ABH Corp. - Arif Butt
• Seller: Equity Partners Management
• Lender: Dade County Federal Credit Union
• Loan Amount: $19,500,000
• Keys: 253
• Price per Key: $110,672

ABH Corp. purchased the Sheraton Suites Fort Lauderdale Cypress Creek hotel for $28 million, with a loan of $19.5 million from Dade County Federal Credit Union. The hotel, situated on a 4.8-acre lot, consists of 253 rooms. Equity Partners Management, the previous owner, completed the sale through negotiations with ABH Corp. The deal was finalized on July 27, 2023. Arif Butt represented ABH Corp. as their broker in the transaction.