FORT LAUDERDALE, Florida—Banyan Investment Group announced the sale of the 96-room Kimpton Goodland Hotel Fort Lauderdale Beach in Florida to DiamondRock Hospitality Company for $35.3 million.
“Following an extensive market study that led us to believe South Florida travel would rebound quickly, we took a calculated risk and purchased this property in Q4 2020 prior to vaccines being released when travel volumes remained low,” said Andy Chopra, managing partner, Banyan Investment Group. “Our research proved prescient, as evidenced by the fact that we were approached by DiamondRock with a price well above our original purchase price. While we are generally focused on long-term holds when it comes to hospitality assets, we balance that with the willingness to make opportunistic sales of our properties. We went into this deal with the intention of a longer hold period, but conditions coalesced to allow us to make a great deal for our investors that generated a 49.4 percent internal rate of return. We take pride in this and will endeavor to find additional deals capable of generating above-market cash flows and returns for our valued investors.”
Located across the street from Las Olas Beach Park, the two-story hotel is surrounded by courtyards and downtown Fort Lauderdale’s multiple shops and eateries. Hotel amenities include an outdoor heated pool, a 24/7 fitness center, loaner beach cruisers, daily yoga classes, and beach items ranging from boogie boards to folding chairs. Guests may enjoy contemporary American fare and tiki-themed cocktails at Botanic at the Goodland or poolside drinks and snacks at the Good Bar. Each room at the Kimpton Goodland Hotel Fort Lauderdale Beach provides Lavish Frette bed linens, refrigerator, yoga mats, Atelier Bloem bath amenities, and a coastal wood desk and chair.