Magna Hospitality sells Fort Lauderdale beachfront hotel for $47M years after buying project out of bankruptcy

Magna Hospitality Group sold a beachfront Fort Lauderdale hotel for $47.1 million, marking a 20 percent increase in value from what it paid for the formerly bankrupt unfinished development eight years ago. Records show Rockpoint Group acquired the 12-story Hotel Maren Fort Lauderdale Beach, a Curio Collection by Hilton at 525 South Fort Lauderdale Beach Boulevard with a $47.7 million mortgage from Apollo Global Management subsidiary Athene Annuity & Life Company.  At 245,080 square feet with 141 rooms, the price breaks down to $192 per square foot and $334,000 per key.  A bankruptcy court approved Magna Hospitality’s acquisition of the […]

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