Blackstone Sells 5 South Florida Spending plan Hotels For $61M

G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach front Boulevard (LinkedIn, Google Maps)

Blackstone marketed off a quintet of funds resorts in South Florida for $61 million as element of an 8-assets portfolio deal in the Sunshine State.

Affiliate marketers of Georgia-dependent International Lodge Group acquired a few Motel 6 properties in Cutler Bay, Dania Beach front and Fort Lauderdale, as effectively as two Studio 6 extended-stay lodges in Coral Springs and West Palm Beach front, data show.

The 5 attributes traded fingers as part of a much larger $279.4 million deal that also incorporates Worldwide Lodge Team finding up four Motel 6 areas in Orlando and the refinancing of two motels it previously owns in Lakeland and Miami, in accordance to printed reports. International Lodge Team, led by CEO Sam Patel, attained a $180.8 million mortgage loan from Starwood House loan House.

The vendor is G6 Hospitality, Blackstone’s Texas-based mostly operator of the Motel 6 and Studio 6 finances resort chains, which the expense big obtained in 2012. Final yr, G6 scored a $685 million bank loan from Goldman Sachs and JPMorgan to refinance far more than 100 Motel 6 and Studio 6 houses across the state. In Cutler Bay, International Lodge Group compensated $10.7 million or $69,480 for each essential for the 154-room Motel 6 at 10775 Caribbean Boulevard that G6 obtained for $6 million in 2009. The hotel was completed in 1979.

In Dania Seaside, International Lodge Team compensated $12.7 million, or $77,914 for every critical for the Motel 6 at 825 East Dania Seashore Boulevard, which G6 paid out $5.8 million for in 2012. The 163-space property was created in 1982.

In Fort Lauderdale, World wide Resort Group paid out $12.1 million for the Motel 6 at 1801 Condition Street 84 that G6 acquired for $4 million in 2008. The offer broke down to $114,150 for every crucial for the 106-place lodge completed in 1973.

As for the two Studio 6 qualities, World Lodge paid $14.6 million for the hotel at 5645 College Generate in Coral Springs and $10.8 million for the one at 1535 Centrepark Push North in West Palm Seashore. G6 had paid $6 million in 1998 for the Coral Springs lodge, which was completed the exact same calendar year, and $7.8 million in 2012 for the West Palm Beach front web site that was designed in 1998.

Blackstone, which is reportedly eyeing a $1 billion sale of G6, has offloaded other parts of the portfolio in recent months, which include four Motel 6 locations in the San Francisco Bay Region for $40.3 million past thirty day period and one particular in Los Angeles for $46 million in June.