Aztec Group Arranges Sale of Hampton Inn
MIAMI, FL, May 16, 2006. Aztec Group, Inc., Florida's leading real estate investment and merchant banking firm, is pleased to announce the sale of the Hampton Inn & Suites Ft. Lauderdale - Airport in Hollywood, Florida. The sale price, on a per room basis, is the highest on record for a comparable select, branded hotel in the Fort Lauderdale market area. Boaz Ashbel, Managing Director of Aztec Group, Inc. advised the seller, Stirling Hotel Associates, Ltd. in the sale of the 104-room hotel. Stirling Hospitality, LLC, an affiliate of Baywood Hotels, acquired the hotel for an undisclosed price.
The Hampton Inn and Suites is located just east of Interstate 95 on Stirling Road, less than a mile south of the Fort Lauderdale/Hollywood International Airport and four miles southwest of Port Everglades. Built in 1996 with 53 guestrooms and 51 suites with full kitchen and separate bedroom, the hotel has recently undergone a renovation with updated guestroom furnishings, carpeting and common areas. Baywood plans to further upgrade the quality of finishing throughout the hotel.
"This hotel has consistently excelled in the Fort Lauderdale Airport submarket, an area that has already experienced dramatic growth" Ashbel noted. "For the past several years, the hotel has ranked first in RevPar penetration within its competitive set due to its superior product, excellent location, and strong brand recognition. These factors contributed to the premium price that we generated for the property."
Founded in 1981, Aztec Group, Inc. is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients.
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