CFLB Partnership LLC has finalized its acquisition of the former Trump International Hotel and Tower Fort Lauderdale for $115 million, or about $386,000 per door.
Located at 551 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale, FL, the 24-story, 490,595-square-foot, 4-Star oceanfront property was built in 2009 on four-tenths of an acre in Broward County. The 298 current guest rooms are located just blocks from Galleria Mall and Las Olas Blvd., nearby other area hospitality properties including the W Hotel, St. Regis, Hyatt Regency, Largo Mar Resort, Las Olas, and The Q Club.
The buyer plans to undertake $30 million in enhancements and luxury upgrades to the property, with plans to begin sales of studio, one-, two-, three-, and four-bedroom residences following a rebranding of the property as the new Conrad Fort Lauderdale Beach Residences. Listings are expected to come in at approximately 40 percent below original pre-construction prices -- a significant value over other beachfront condominiums in Miami, according to Peggy Olin Fucci, president and CEO of One World Properties, which will be handling marketing and sales at the property.
Reportedly both parties handled the direct sale in-house.
Please see CoStar COMPS #2914072 for additional information on this transaction.