Key International and WEXford Real Estate Investors Acquire Fort Lauderdale Marriott Pompano Beach Resort & Spa
Key International, a leading international real estate development and investment firm, and Wexford Real Estate Investors (WREI) have acquired the Fort Lauderdale Marriott Pompano Beach Resort & Spa, a beachfront hotel consisting of 219 suites located at 1200 N. Ocean Blvd.
APEX Capital Realty's specialized hospitality team identified the opportunity to trade this signature waterfront asset. Miguel Pinto, President / Managing Broker of APEX Capital Realty, and Garrick Benabe, Director of Hospitality Investments represented the sellers Pompano Hotel I LLC et al. Miguel Pinto, Garrick Benabe, and Ovy Anghel, Commercial Advisor at APEX Capital Realty represented Key International in this landmark off-market transaction.
"We have seen a great demand for value-add hospitality investment opportunities. As South Florida continues to attract increased tourism, developers and investors are looking to reposition and upgrade waterfront properties. There is significant upside available by revamping amenities and the food and beverage operations which will serve new wave of elevated demographics that are visiting South Florida." Said Miguel Pinto.
Key International and WREI plan a major renovation to the property, which is located directly on the sand, just steps away from the recently constructed Pompano Beach Fishing Village. Together, the companies plan to transform the property into a beachfront destination by creating a new, resort-style pool deck and renovating the room product as well as the on-site restaurant.
"Pompano Beach is an up-and-coming destination within the booming South Florida market and we're excited to add a beachfront hotel with so much potential to our portfolio," says Michael Vassilaros, Chief Investment Officer of Key International. "We expect demand for resort-stlye beachfront experiences to continue to grow and our planned renovations to the property will really elevate the customer's experience".
The city of Pompano Beach recently invested $80 million in a beachfront renovation that unveiled a new oceanfront park promenade featuring several family-friendly attractions, the state-of-the-art Pompano Beach fishing pier and a new parking garage structure with a visitor center. The city is set to welcome a new pedestrian-friendly, urban, mixed-use downtown area by 2025.
Amenities at the Fort Lauderdale Marriott Pompano Beach Resort & Spa include a state-of-the-art spa offering an array of wellness treatments, a water-front fitness center, two on-site restaurants overlooking the coast, and event spaces equipped to host up to 300 guests.
The hotel marks the latest addition to a long-term partnership between Key International and WREI. Together, the firms have developed multiple beachfront hotel properties with current assets in Panama City Beach, Jacksonville, and Fort Lauderdale.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
