Berkadia Arranges Nearly $70M of Total Transaction Volume from Sale and Financing of the DoubleTree by Hilton Hotel Deerfield Beach
News Provided by Berkadia Commercial Mortgage LLC
DoveHill Capital Management acquired the recently renovated full-service hotel.
BOCA RATON, Fla. – Berkadia Hotels & Hospitality Group announces it has arranged the sale and financing of DoubleTree by Hilton Hotel Deerfield Beach – Boca Raton, a 221-key hotel in Deerfield Beach, Florida. Managing Directors Michael Weinberg and Preston Reid and Senior Director Wyatt Krapf of Berkadia Tampa and Orlando represented the seller, Vista Hospitality, a private owner and operator of hotels and commercial properties based in Kitchener-Waterloo, Canada.
Vista Hospitality Group invested in excess of $7 million since 2018 in capital improvements that touched upon all aspects of the guest experience, making the DoubleTree Deerfield Beach a market-leading hotel that is ready for monetization from its new ownership.
Managing Director Scott Wadler of Berkadia Miami secured acquisition financing on behalf of DoveHill Capital Management, a private equity investment and development organization based in Fort Lauderdale, Florida. A local Florida bank originated the three-year loan with two one-year extension options.
“The DoubleTree Deerfield Beach benefited from the strong leisure recovery that occurred coming out of the pandemic layered in with a return of group and corporate demand that has been more recent,” said Weinberg. “The strong cash flow was critical in getting this transaction closed in a very choppy capital markets environment.”
The DoubleTree Deerfield Beach – Boca Raton hotel was renovated in 2020 and it is located at 100 Fairway Drive. It consists of one nine-story building and spans 6.2 acres. Hotel amenities include an on-site restaurant, free parking, free Wi-Fi, an outdoor heated pool, a 24-hour fitness center, pet friendly rooms, digital keys and a business center with 22,000 square feet of meeting space. The hotel is near I-95, the Boca Raton business district, the Boca Raton Museum of Art, the Boca Town Center Mall. It is 10 minutes away from the beach, the Shops at Mizner Park and Florida Atlantic University and 25 minutes away from both the Fort Lauderdale International Airport and the Palm Beach International Airport.
About the Vista Hospitality Group:
Offering travelers more than 1,500 guestrooms at its hotels and resorts in Florida, New York, Vermont, Maryland, South Carolina and Ontario, the Vista Hospitality Group has received significant recognition for excellence in hospitality management. From its offices in Binghamton, NY and Kitchener-Waterloo, ON, Vista Hospitality also owns and operates 500,000 square feet of commercial office buildings, shopping malls and retirement home properties. Vista applies sophisticated information management systems that form the basis of a highly efficient and effective organizational structure. The Vista Hospitality Group is well-positioned to leverage its quality assets into unique value for potential purchasers. Vista Hospitality is proud of its diverse executive team, is actively seeking to acquire new assets, and has acquired a reputation for proven performance at all of its properties