May 30, 2017
The Clarion purchase marks Giraldi’s debut into the Fort Lauderdale real estate market. He was attracted by a development renaissance in the neighborhood and the hotel’s close proximity to the beach.
Broward’s strong tourism sector was also a draw, the spokeswoman said.
Preliminary data released last week show Broward welcomed 12.27 million domestic visitors in 2016, up 4 percent from 2015, according to the Greater Fort Lauderdale Convention & Visitors Bureau.
Real estate brokerage firm Metro 1 of Miami represented the buyer in the transaction.
“We believe that Fort Lauderdale is becoming a global destination,” said Tony Cho, Metro’s founder and CEO, who has been active in brokerage and investment deals in the city for more than six years. “We are committed to bringing creative and innovative concepts to Fort Lauderdale.”
In about seven months, Giraldi’s group plans to begin a renovation that will mainly include upgrades to its exterior and guest amenities and a new food and beverage component. The hotel had recently completed extensive interior upgrades.
When renovations are done, the hotel will be renamed The Link, and will aim to cater to Millennials and young professionals who visit and live in the area.