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Boca Raton Marriott Hotel & Resort Sells for $76M

AVR Purchases 259-Room Hospitality Asset from Carey Watermark
March 6, 2018
Carey Watermark Investors 1, Inc. sold the 259-Room Marriott Hotels & Resorts at 5150 Town Center Cir. in Boca Raton, FL for $76 million, or approximately $293,000 per room, to AVR Realty Company LLC.

The 11-story, 176,506-square-foot, Class A hospitality building was constructed in 1987, just west of I-95 and surrounded by high-end retail and dining options. The hotel was recently renovated in 2014 to include a fitness center, swimming pool and banquet space. The Marriott is currently managed by Dimension Development.

Both parties handled the direct sale in-house.

Please see CoStar COMPS #4120510 for more information on this transaction.
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