Berkadia Arranges Nearly $70M of Total Transaction Volume from Sale and Financing of the DoubleTree by Hilton Hotel Deerfield Beach
DoveHill Capital Management acquired the recently renovated full-service hotel
BOCA RATON, Fla. (September 28, 2022) – Berkadia Hotels & Hospitality announces it has arranged the sale and financing of DoubleTree by Hilton Hotel Deerfield Beach – Boca Raton, a 221-key hotel in Deerfield Beach, Florida. Managing Directors Michael Weinberg and Preston Reid and Senior Director Wyatt Krapf of Berkadia Hotels & Hospitality represented the seller, Vista Hospitality, a private owner and operator of hotels and commercial properties based in Kitchener-Waterloo, Canada.
Vista Hospitality Group invested in excess of $7 million since 2018 in capital improvements that touched upon all aspects of the guest experience, making the DoubleTree Deerfield Beach a market-leading hotel that is ready for monetization from its new ownership.
Managing Director Scott Wadler of Berkadia Miami secured acquisition financing on behalf of DoveHill Capital Management, a private equity investment and development organization based in Fort Lauderdale, Florida. A local Florida bank originated the three-year loan with two one-year extension options.
“The DoubleTree Deerfield Beach benefited from the strong leisure recovery that occurred coming out of the pandemic layered in with a return of group and corporate demand that has been more recent,” said Weinberg. “The strong cash flow was critical in getting this transaction closed in a very choppy capital markets environment.”
The DoubleTree Deerfield Beach – Boca Raton hotel was renovated in 2020 and it is located at 100 Fairway Drive. It consists of one nine-story building and spans 6.2 acres. Hotel amenities include an on-site restaurant, free parking, free Wi-Fi, an outdoor heated pool, a 24-hour fitness center, pet friendly rooms, digital keys and a business center with 22,000 square feet of meeting space. The hotel is near I-95, the Boca Raton business district, the Boca Raton Museum of Art, the Boca Town Center Mall. It is 10 minutes away from the beach, the Shops at Mizner Park and Florida Atlantic University and 25 minutes away from both the Fort Lauderdale International Airport and the Palm Beach International Airport.
Berkadia’s Hotels & Hospitality platform combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.