DoveHill Capital Management has acquired a fee simple interest in DoubleTree branded property in Florida, US, for an undisclosed amount.
With acquisition of DoubleTree Deerfield Beach-Boca Raton, DoveHill now owns a total of 15 properties across North America.
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The newly purchased hotel will be operated by The Wurzak Hotel Group, which is DoveHill’s associated management company, under a franchise agreement with Hilton.
DoveHill noted that since 2015, the hotel has benefitted from nearly $15m, which is approximately $68000 per key, in capital improvements.
Besides, the company is further planning to provide additional capital for property enhancement.
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This investment will focus on revamping the hotel’s public areas and adding a new bar next to the upgraded pool.
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By GlobalDataDoveHill Capital Management CEO Jake Wurzak said: “This acquisition marks our 8th investment since 2020 and we are extremely excited to add our fourth South Florida property to our portfolio preeminent portfolio of leading full service and lifestyle oriented hotels.
“The Hotel was acquired at favourable entry point at a discount to recently consummated transactions in the market.
“We plan to upgrade hotel’s management and engage in capital projects to enhance guest experience including the pool, food and beverage outlets and fitness centre.
“The Boca Raton submarket is an incredibly high barrier to entry market with demand tailwinds which I believe will only strengthen.”
DoubleTree Deerfield Beach-Boca Raton, according to DoveHill, is well-positioned to benefit from the South Florida’s economic resilience.
Located ten-minute away from the Atlantic Ocean, the 221-key property is 25-minute away from Palm Beach and Fort Lauderdale International airports.
Furthermore, DoveHill will also explore different development opportunities to utilise the vacant area of the 6.2-acre site.
