May 30, 2017
The Clarion Inn in Fort Lauderdale was sold for $13.75 million and will be renamed.
Sunrise Hotel LLC, managed by Benjamin Mallah in Largo, sold the 145-room hotel at 1055 N. Federal Highway to Stambul Ventures, managed by Daniel Pena Giraldi and Luis E. Rojas in Miami. Metro 1 Commercial’s Fabian Graff and Ritu Rani Pahwa of RelatedISG represented the buyer in the deal while the seller was represented by Perry Alan Simowitz.
The 53,762-square-foot hotel was built on the 2.4-acre site just north of Sunrise Boulevard in 1966.
The property last traded for $8.25 million in 2014.
The broker said the buyer plans to redevelop it into an independent boutique hotel with a hip and modern flair, including a new food and beverage component. It will be called the Link Hotel.
“We believe that Fort Lauderdale is becoming a global destination,” said Tony Cho, CEO of Metro 1. “We are committed to bringing creative and innovative concepts to Fort Lauderdale”
Pena said the hotel would operate without a flag during the roughly eight months of construction, which will consist of upgrades to the exterior and amenities.
“As Stambul grows, we are targeting neighborhoods that are strategically located and in the early stages of a renaissance,” Pena Giraldi. “This hotel is half a mile from the beach and across the street from Galleria Mall. It has all the components to become a successful boutique hotel catering to Millennials looking for a social experience. We plan to make a significant investment to renovate the hotel in phases so the community can benefit from a great concept.”