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Blackstone affiliate pays $17M for Marriott hotel in Weston

Blackstone affiliate pays $17M for Marriott hotel in Weston
Hospitality company had owned hotel for 15 years before selling
December 03, 2015 12:45PMBy Sean Stewart-Muniz

The Residence Inn Weston and Jonathan Gray, Blackstone’s global head of real estate

An affiliate of the Blackstone Group, a major New York-based investment firm, just purchased a Marriott-branded hotel in Weston for $17.4 million.
The three-story hotel is located at 2605 Weston Road near a large corporate center. It has 100 suites and was built in 2002, according to Broward County records.
For the past 15 years the property has been owned by an affiliate of Pinnacle Hotel Management, a South Florida hospitality firm that develops Marriott franchised hotels throughout the state.
Pinnacle built the hotel after paying $1.8 million for the 1.34 acres of land in 2000, according to records.
Now, the Residence Inn has been sold to Blackstone, whose real estate division manages $93 billion in assets around the globe. That includes everything from healthcare facilities and offices to residential and industrial properties, according to its website.
Blackstone recently grabbed headlines when it, along with Canadian firm Ivanhoe Cambridge, sealed a massive $5.3 billion deal to acquire a portfolio of 11,200 apartment units in Manhattan.

Source: The Real Deal

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