Shoham Amin Of Excel Group Acquires Residence Inn Coconut Creek For $21.17M From Butters Construction And Morlin Group

The property involved in the transaction is a hotel asset located at 5730 North State Road 7 in Coconut Creek. The purchase price was $21,170,000 for a total of 98,577 square feet, resulting in a price per square foot of $215. The hotel features a total of 105 keys and is situated on approximately 1.76 acres.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $21,170,000
• Buyer: Shoham Amin - Excel Group
• Seller: Malcolm Butters - Butters Construction & Development; Seth Fellman - Morlin Group
• Lender: Western Alliance Bank
• Keys: 105
• Price Per Key: $201,619
• Square Footage: 98,577
• Price Per Square Foot: $215

The deal involved Shoham Amin representing Excel Group as the buyer and the sellers being Malcolm Butters and Seth Fellman. This acquisition occurred one day after the buyer purchased the neighboring Hampton Inn for $17.28 million, indicating a strategy involving multiple properties. The financing for the combined transactions was supported by a $26.03 million loan from Western Alliance Bank, suggesting that these purchases were part of a larger package deal involving 210 rooms near the Sawgrass Expressway.