US-based real estate investment trust Summit Hotel Properties has completed the previously announced acquisition of the Courtyard by Marriott Fort Lauderdale for $85m.
The acquisition also includes a 0.8 acre vacant land parcel and 6,200ft2 of retail space.
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The 261-guestroom hotel is located on Fort Lauderdale Beach.
Summit Hotel Properties chairman, president and chief executive officer Daniel Hansen said: "The acquisition of the Courtyard by Marriott Fort Lauderdale is a continued demonstration of our ability to source and acquire high-quality assets that complement our existing portfolio.
"We are confident in the value creation opportunities that have been identified by our team and look forward to delivering on such opportunities in the future.”
Renovation of the guest rooms was completed recently.
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By GlobalDataThe company plans to make an investment of $1.6m over the next year on public space improvements and a patio bar redesign to improve outdoor experience for customers.
The hotel is estimated to generate around $3.3m of earnings before interest, taxes, depreciation and amortisation (EBITDA) this year.
Courtyard by Marriott Fort Lauderdale is close to tourist locations such as Las Olas Boulevard, restaurants, and shopping and entertainment venues, Hollywood/Ft. Lauderdale International Airport and the Port Everglades Cruise Port, Sawgrass Mills shopping outlets, and BB&T Center.
As of 31 May, Summit Hotel Properties owned 76 hotels, with a total of 10,705 guestrooms, in 22 states.
