Everwood Hospitality Partners Acquires 263-Key Sheraton Suites Plantation for $24.66 Million From PHF Plantation LP
Officials of Everwood Hospitality Partners (EHP), a leading hotel owner/operator with a growing portfolio of full- and select-service hotels nationwide, have announced the company has acquired the 263-suite Sheraton Suites Plantation in the heart of Broward County, Fla. The hotel was purchased for $24.66 million from PHF Plantation LP, an affiliate of San Francisco-based Fillmore Capital Partners. Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, will operate the hotel.
“The Sheraton Suites Plantation benefits from its remarkable location surrounded by five higher education institutions, two hospitals, more than five million square feet of office space and the nearby Ft. Lauderdale-Hollywood International Airport,” said Amit Patel, principal. “Furthermore, the hotel will anchor the underway, $300-million redevelopment of the 37-acre former Plantation Fashion Mall, which includes 260,000 square feet of office, 230,000 square feet of retail, 700 multifamily units, a gourmet grocer, a health club, an entertainment center and a unique collection of restaurants and streetscapes. We are confident the hotel will take its rightful place as the market leader.”
Located at 311 North University Drive in Plantation, Fla., each guest suite in the nine-story hotel is comprised of a separate sleeping and living area. Hotel amenities include a heated, rooftop pool; Link@Sheraton, the brand's state-of-the-art business center providing computers, free WIFI and printing capabilities; a full-service fitness center; and shuttle service within a three-mile radius of the hotel. Guests may enjoy dining at Cilantro's, a three-meal/day restaurant featuring continental cuisine, as well the Sheraton Club lounge on the eighth floor. The hotel also features five meeting rooms totaling 13,900 square feet, including 7,500 square feet of indoor and outdoor prefunction space.
“In addition to its excellent location in the midst of numerous business and leisure demand generators, the hotel further profits from previous ownership's recently completed, $4.6-million renovation to upgrade suites and improve hurricane durability,” said Amit Govin, principal. “In combination with our an additional, soon-to-commence $10 million-plus renovation, we plan to position this hotel as a market leader in the Plantation/Sunrise/West Fort Lauderdale market. The hotel improvement plan will relocate the entrance to face the newly developed hardscaped motor court of the mixed-use development and will re-imagine the interior. The end result will be a product that will complement the walkable neighborhood, home to a growing number of premium restaurants, bars and retail. We continue to have an aggressive appetite for well-regarded hotel brands that can benefit from operational and/or financial investments in markets with barriers to new growth. Particularly with an acquisition cost lower than replacement, the Sheraton Suites Plantation is an ideal addition to our nationwide portfolio.”
Hospitality Ventures Management Group is a privately owned, fully-integrated hotel investment and management group that specializes in turning around and repositioning underperforming hotels as well as maximizing the performance of stabilized hotels. It currently operates 33 hotels in 17 states totaling 6,209 guest rooms. HVMG operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hilton, Marriott, Hyatt, Starwood and IHG brands. Visit www.hvmg.com for more information.
About Everwood Hospitality Partners
With offices in New York and Indiana, Everwood Hospitality Partners is a fully integrated owner that invests along the entire investment stack. Everwood provides operational, financial and development services on its own behalf, as well as for third-parties. EHP currently has 14 hotels currently either open, under development or in the pipeline with more than 1,504 rooms with such prestigious franchisors as Marriott International, Hilton Hotels & Resorts, Choice Hotels and InterContinental Hotels Group.