Banyan Investment Group has sold the 96-room Kimpton Goodland Hotel Fort Lauderdale Beach hotel to DiamondRock Hospitality for $35.3 million.
“Following an extensive market study that led us to believe South Florida travel would rebound quickly, we took a calculated risk and purchased this property in Q420, prior to vaccines being released when travel volumes remained low,” said Andy Chopra, managing partner, Banyan Investment Group, in a statement. “Our research proved prescient, as evidenced by the fact that we were approached by DiamondRock with a price well above our original purchase price. While we are generally focused on long-term holds when it comes to hospitality assets, we balance that with the willingness to make opportunistic sales of our properties. We went into this deal with the intention of a longer hold period, but conditions coalesced to allow us to make a great deal for our investors that generated a 49.4 percent internal rate of return. We take pride in this and will endeavor to find additional deals capable of generating above-market cash flows and returns for our valued investors.”
Located across the street from Las Olas Beach Park, the two-story hotel is close to downtown Ft. Lauderdale’s shops and restaurants. Hotel amenities include an outdoor heated pool, 24/7 fitness center, loaner beach cruisers, daily yoga classes and beach items ranging from boogie boards to folding chairs. The property also has a restaurant and bar.