Related Fund Management, the investment management arm of Related Cos., has sold a 346-key hotel to Blackstone for $153 million. The transaction includes $97.7 million for the property itself, as reflected in deed records, and an additional $55 million for the hotel operations. The deal represents a significant investment, with Blackstone paying approximately $469,000 per room.
The acquisition was made through Blackstone's Real Estate Partners X fund, which closed in April 2021 after securing $30.4 billion in capital commitments. The hotel, located at 401 N. Fort Lauderdale Beach Blvd., is a 567,000-square-foot property situated on 3.8 acres of land and boasts 315 feet of beachfront access. The property is managed by Marriott and features a range of amenities, including five restaurants, a full spa, "and 171 additional condo-hotel units.".. which were not part of the transaction.
The acquisition was made through Blackstone's Real Estate Partners X fund, which closed in April 2021 after securing $30.4 billion in capital commitments. The hotel, located at 401 N. Fort Lauderdale Beach Blvd., is a 567,000-square-foot property situated on 3.8 acres of land and boasts 315 feet of beachfront access. The property is managed by Marriott and features a range of amenities, including five restaurants, a full spa, "and 171 additional condo-hotel units.".. which were not part of the transaction.
Reference: Visit websiteRelated Fund Management , the investment management arm of New York-based Related Cos ., sold the 346-key hotel to Blackstone for $153M, two sources familiar with the deal confirmed. The price includes $97.7M for the property that is reflected in deed records and an additional $55M for the hotel operations. The deal breaks down to around $469K per room. Blackstone made the acquisition through its Blackstone Real Estate Partners X fund, which closed last April after raising $30.4B in capital commitments.
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