FORT LAUDERDALE, Fla., Sept. 27, 2022 /PRNewswire/ — DoveHill Capital Management announced today it has acquired a fee simple interest in the 221-key DoubleTree Deerfield Beach-Boca Raton Florida.
“This acquisition marks our 8th investment since 2020 and we are extremely excited to add our fourth South Florida property to our portfolio preeminent portfolio of leading full service and lifestyle oriented hotels,” said Jake Wurzak, CEO of DoveHill Capital Management. “The Hotel was acquired at favorable entry point at a discount to recently consummated transactions in the market. We plan to upgrade the hotel’s management and engage in capital projects to enhance the guest experience including the pool, food and beverage outlets and the fitness center. The Boca Raton submarket is an incredibly high barrier to entry market with demand tailwinds which I believe will only strengthen.”
Headquartered in Fort Lauderdale, Florida, DoveHill Capital Management is a vertically integrated hospitality investment and development organization. Contrary to other investors, DoveHill Capital Management has focused on expanding its hotel portfolio throughout the pandemic, growing its holdings to 15 properties across North America with this newly purchased Doubletree Deerfield Beach-Boca Raton property. The Hotel will be operated by DoveHill’s associated management company, The Wurzak Hotel Group under a franchise agreement with Hilton.
The DoubleTree Deerfield Beach-Boca Raton has benefited from over $15 million ($68k/key) in capital improvements since 2015. DoveHill plans to spend additional capital to enhance the property with a focus on the public areas and include the addition of a new bar adjacent to the upgraded pool.
The hotel is extremely well-positioned to take full advantage of South Florida’s economic resilience and its strong base demand drivers. Ten minutes from the Atlantic Ocean, adjacent to the I-95, and 25 minutes away from the Fort Lauderdale and Palm Beach International airports, the DoubleTree offers convenient access to both corporate and leisure demand.
In addition to the immediate operational upside, DoveHill will also explore future development opportunities on vacant portions of the expansive 6.2-acre site.
Charles Paloux, EVP Investments adds, “The mix of demand in the South Florida Palm Beach – Miami corridor is unprecedented, well beyond the demand boost that Covid created. South Florida has permanently shifted post-covid and we remain incredibly bullish on this market. The property has already experienced a post-COVID spike in occupancy due to the rapid rebound of leisure travel to South Florida. As business travel returns, the hotel is set to benefit from both areas of demand.”
About DoveHill Capital Management
DoveHill Capital Management is headquartered in Fort Lauderdale, Florida, and is a vertically integrated hospitality investment and development organization with a portfolio of urban infill, lifestyle hotels, and premium branded full-service assets across North America with a heavy concentration on the east coast.
The firm’s core competency is the creation of highly differentiated, locally curated properties set in high-growth and high-culture environments with diverse demand generators and distinct barriers to entry.
DoveHill seeks out investments in full-service, lifestyle properties with a focus on value-add and other strategies to enhance properties and create differentiated advantages. As part of its strategic vision, after investing at attractive entry points, DoveHill works to reposition and transform the real estate asset to enhance the value for its partners and investors.
For more information and details on the best investment opportunities to consider, see www.dovehillcos.com/deal-reward-program.
For more background on DoveHill Capital Management, visit www.dovehillcos.com.
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Media Contact: Meaghan Peeler
215-689-0245
SOURCE DoveHill Capital Management, LLC
