Malik Abdulnoor and Sahir Malki, hoteliers based in Michigan, have made their second significant investment in South Florida’s hospitality market this year.
They acquired the Hampton Inn Fort Lauderdale/Plantation for $21 million. The five-story, 128-key hotel, located at 7801 Southwest Sixth Street, was purchased from Atlanta-based Peachtree Hotel Group. The buyers secured a $12.5 million loan from Live Oak Bank for the transaction, which amounts to approximately $327 per room.
Built in 2000, the Hampton Inn covers 64,200 square feet on 2.5 acres. Peachtree had previously bought the hotel for $16.6 million in 2019.
Malik Abdulnoor is the president of MHS Group, a hotel firm based in Bloomfield Hills, Michigan, and the founder of Mid America Lodging Group in Auburn Hills, Michigan.
In March, Abdulnoor and Malki acquired the Courtyard by Marriott Fort Lauderdale Coral Springs, a four-story, 110-key hotel located at 620 North University Drive in Coral Springs, for $17 million.
The South Florida hospitality real estate market has seen increased investment activity, with several small hotels changing hands in the past year. In August, Three Wall Capital, based in New York, purchased multiple Marriott properties in Miramar and Plantation for a combined total of $64 million.
This follows the sale of the 253-key Sheraton Suites Fort Lauderdale at Cypress Creek in Fort Lauderdale by Tampa Bay real estate investor Ben Mallah for $28 million in July. Additionally, a refinancing deal closed this year, with Pebblebrook Hotel Trust securing a $140 million package for the Margaritaville resort in Hollywood, known for its Jimmy Buffett theme, located at 1111 North Ocean Boulevard.
