Holiday inn

Opterra Capital buys Boca Raton Holiday Inn for $ 13 million

Google Street View of Holiday Inn & Suites Boca Raton at 701 Northwest 53rd Street in Boca Raton (Google Maps)

UPDATE, August 27, 5:45 p.m .: Opterra Capital and The Montford Group bought a Boca Raton Holiday Inn for $ 13.3 million.

Buyers purchased the Holiday Inn & Suites at 701 Northwest 53rd Street from FLL Resorts, which is linked to Archer Capital Group. The price reflects only the building, with the actual value of the transaction being $ 17.6 million including land and furniture, according to Rahil Sanghvin of Archer Capital.

The 180-key hotel was built in 1989 on 5 acres, according to property records.

Archer Capital Group, led by Bakul and Rahil Sanghvi, purchased the property for $ 14.1 million in 2016, according to the records.

Boca Raton-based Opterra is a real estate investment sponsor, operating partner, capital markets advisor and asset manager, according to its website. Glenn Alba, a former Managing Director of Blackstone, founded Opterra in 2017. He focuses on commercial real estate, including hotels, offices and multi-family buildings.

The Charleston, South Carolina-based Montford Group, led by founder and CEO Sunju Patel, is a real estate investor and developer with $ 500 million in assets, according to its website.

The deal comes as the South Florida hotel industry emerges from pandemic lockdown. Leisure travel has resumed in the region, but the industry is also dependent on conventions and cruises.

While cruises are slowly resuming, conventions are not yet back. MDM Group, through its MDM hotel group, has canceled plans for a 1,700-room Marriott Marquis hotel and 600,000-square-foot exhibition center in the mixed-use Miami Worldcenter complex in downtown Miami. MDM sold the site to Witkoff and Monroe Capital for $ 94 million in July.

This story has been updated to include the value of the transaction, including the land and furniture, as well as an additional buyer.

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