December 12, 2022
DANIA BEACH, Fla., Dec. 12, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Avid Dania Beach in Dania Beach, Florida. The 101-room, four-story hotel sold for $16.75 million or $165,842 per room.
“This hotel opened well into 2022 and was marketed then sold mostly on a proforma basis. Avid is not one of the more established brands where you typically see confident projections for where its RevPAR will fit in a comp set,” said Robert S. Hunter, Senior Vice President of Investments. “However, the property’s location in the Fort Lauderdale area, one of the most vibrant high-growth markets in the Country, introduces a major margin of error for a new owner and was critical to overcoming any uncertainty about future performance.”
Robert S. Hunter and Leo Reilly, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the developer. The property was purchased by an established investment group based in the Mid-Atlantic.
Opened in 2022, Avid Dania Beach is located at 3001 SW 26th Terrace and is directly off Interstate 595 and minutes from the area’s major business drivers, including the Fort Lauderdale-Hollywood International Airport, Port Everglades, Interstates 95 and 595 and Downtown Fort Lauderdale.