Blackstone Sold Two Hyatt Hotels in Dania Beach to Kolter

Blackstone sold a pair of adjacent Hyatt-branded hotels in Dania Beach for a combined $40.1 million. 

Delray Beach-based Kolter Group’s hospitality real estate division bought the 143-key Hyatt House Fort Lauderdale Airport at 90 Southwest 18th Avenue, and the 149-key Hyatt Place Fort Lauderdale Airport at 91 Southwest 18th Avenue, according to records and real estate database Vizzda. The buyer took out a $34.8 million mortgage on the properties. 

The deal for the hotels breaks down to $137,378 per key. 

Completed in 2010, each hotel is six stories. They span a total of 75,500 square feet, according to Vizzda. 

Led by Stephen Schwarzman, New York-based Blackstone is an alternative asset manager with roughly $991 billion of assets under management as of March, according to its website. In recent weeks, it’s been trading in South Florida real estate across asset classes. 

Last month, Blackstone sold a fully leased Hialeah Gardens cold storage facility at 13801 Northwest 112th Avenue for $43 million. That came on the heels of Blackstone and its subsidiary, Link Logistics, paying $28.6 million for a Whole Foods distribution center at 2700 Northwest Street in Pompano Beach. 

Led by Bobby Julien, Kolter Group has several divisions focusing on multifamily and single-family home development, as well as land assemblages. Its hotel arm, Kolter Hospitality, is led by Scott Webb. 

The deal comes amid a relatively calm hotel investment sales market. In one of the bigger deals this year, Service Properties Trust paid $164.5 million for the 250-key Nautilus Hotel 1825 Collins Avenue in Miami Beach in June. 

Still, several hotel projects are on tap for development, including in Dania Beach. In December, developer Benito Irastorza scored city approval for a 13-story, 222-key Embassy Suites by Hilton hotel at 233 North Federal Highway.