MHG Hotels bought the Aloft Fort Lauderdale Airport for $33.3 million.
The Boca Raton-based firm bought the 138-key hotel at 501 Southeast 24th Street, according to a source familiar with the matter. The deal breaks down to almost $241,000 per key.
The seller is an entity tied to Boynton Beach-based Green Park Management, which completed development of the hotel in 2024, records show.
Green Park, led by John Costas, paid $3.3 million for the nearly 1-acre development site in 2020, scoring a $31.7 million construction loan from Bank of America in 2021, records show. Construction of the 14-story building was completed in 2024.
MHG declined to comment, and Green Park didn’t immediately return a request for comment.
Aloft is part of Marriott International.
MHG Hotels is led by Sanjay Patel, who bought his first hotel, a Super 8 Motel, in 1991 and formed MHG in 2001, according to the company’s website. The company is a hotel investor and developer, with a portfolio of over 20 properties in Florida, Indiana, Missouri and Texas, as well as over a dozen planned hotels.
In 2024, MHG paid $15.5 million for the four-story, 95-key hotel Hampton Inn Boca Raton at 1455 West Yamato Road. The firm also owns the 103-key Courtyard – West Palm Beach Airport at 1800 Centrepark Drive East in West Palm Beach, which it bought for $20.5 million in 2023.
Hotel trades have been sporadic in the tri-county region as South Florida’s real estate market feels the sting of elevated interest rates and increases in other costs, including insurance.
Most recently, West Palm real estate king and billionaire Steve Ross bought The Ben Hotel at 251 North Narcissus Avenue in West Palm this month for $108.5 million.
Near David Beckham’s Miami Freedom Park, a soccer stadium-anchored mixed-use complex that’s under construction, Bridgeton Holdings bought the 405-room Sheraton Miami Airport Hotel for $67.5 million in January.
Last year’s biggest South Florida hotel deal was Terra and Fortune International Group’s $205 million purchase of the oceanfront 50-key Silver Sands Beach Resort in Key Biscayne. The joint venture plans to redevelop the building into a 14-story boutique condominium with 56 units.
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