PLANTATION, Fla.—Everwood Hospitality Partners (EHP) has acquired the 263-suite Sheraton Suites Plantation in Broward County, Fla., for $24.66 million from PHF Plantation LP, an affiliate of San Francisco-based Fillmore Capital Partners. Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, will operate the hotel.
“The Sheraton Suites Plantation benefits from its remarkable location surrounded by five higher education institutions, two hospitals, more than 5 million square feet of office space and the nearby Ft. Lauderdale-Hollywood International Airport,” Amit Patel, EHP principal, says. “Furthermore, the hotel will anchor the underway, $300-million redevelopment of the 37-acre former Plantation Fashion Mall, which includes 260,000 square feet of office, 230,000 square feet of retail, 700 multifamily units, a gourmet grocer, a health club, an entertainment center, and a unique collection of restaurants and streetscapes.”
Located at 311 North University Drive in Plantation, Fla., each suite in the nine-story hotel has separate sleeping and living areas. Hotel amenities include a heated, rooftop pool; Link@Sheraton, the brand’s business center providing computers, free WiFi, and printing capabilities; a full-service fitness center; and shuttle service within a three-mile radius of the hotel. Cilantro’s is the hotel’s three-meal-a-day restaurant with continental cuisine and the Sheraton Club lounge on the eighth floor has additional F&B offerings. The property also has five meeting rooms totaling 13,900 square feet, including 7,500 square feet of indoor and outdoor pre-function space.
“In addition to its excellent location in the midst of numerous business and leisure demand generators, the hotel further profits from previous ownership’s recently completed, $4.6-million renovation to upgrade suites and improve hurricane durability,” Amit Govin, EHP principal, says. “In combination with our an additional, soon-to-commence $10 million-plus renovation, we plan to position this hotel as a market leader in the Plantation/Sunrise/West Fort Lauderdale market. The hotel improvement plan will relocate the entrance to face the newly developed hardscaped motor court of the mixed-use development and will re-imagine the interior. The end result will be a product that will complement the walkable neighborhood, home to a growing number of premium restaurants, bars, and retail.”
We continue to have an aggressive appetite for well-regarded hotel brands that can benefit from operational and/or financial investments in markets with barriers to new growth,” Govin continues. “Particularly with an acquisition cost lower than replacement, the Sheraton Suites Plantation is an ideal addition to our nationwide portfolio.”