Lodging REIT Sotherly Hotels Inc. acquired the hotel commercial unit of the Hyde Resort & Residences, located in Hollywood, Florida, for $4.25 million.
The hotel commercial unit consists of the designated lobby and front desk areas, offices, and other spaces.
In addition, the Company entered into a lease for the 400-space parking garage and meeting rooms of the Resort, as well as an agreement to operate and manage the condominium association.
The Hyde Resort & Residences is a recently completed new development in Hollywood, Florida. The 400-unit condominium-hotel consists of 363 use-restricted units and 37 residences that feature one, two and three bedroom layouts, gourmet kitchens, floor-to-ceiling glass doors with private terraces and Atlantic Ocean views.
The Resort, designed by Brazilian architect Debora Aguiar, boasts an elegant double-volume lobby, infinity-end ocean view pool and sundeck, state-of-the-art fitness center, a luxurious spa, and chef-driven restaurant.
“The Hyde Resort & Residences is a first-class luxury development that we are thrilled to add to the Sotherly portfolio," said Drew Sims, Sotherly Hotels CEO. "Our management team has experience with the condo-hotel model and we believe it is an attractive opportunity to turn a modest investment into tremendous value for our shareholders. In addition, the close proximity of The Hyde and the Crowne Plaza Hollywood Beach Resort provides for operational efficiencies and sales and marketing synergies as it presents our team with a wide variety of product offerings and amenities to offer our guests. This should benefit both projects and the Company as a whole.”
Williamsburg, Va.-based Sotherly Hotels' portfolio consists of investments in twelve hotel properties, comprising 3,011 rooms, and an interest in the Hyde Resort & Residences, a 400-unit luxury condo-hotel. Most of the Company’s properties operate under the Hilton Worldwide, InterContinental Hotels Group and Marriott International, Inc. brands.