Monopoly Group was approached by the developer/Owner of the 195 room Sheraton Hotel in Boca Raton, Florida (presently the Renaissance Boca Raton Hotel ), to represent them with the marketing and sale of the hotel. After an extensive review of the hotel and operations, we prepared a marketing strategy and brochure and began our effort to attract a qualified Buyer. Several months into our marketing campaign, the Seller advised that they were going to convey a Deed in Lieu of Foreclosure to their lender PNC Bank relating to the subject property, as well as two other South Florida hotels that they built and operated. Without missing a step, Monopoly located a Canadian investment group interested in the property and promptly closed the transaction on behalf of PNC. Through Monopoly’s careful analysis, we were able to educate the Buyer to the value of the 8.2 acres site and the potential to sell off a major one acre corner ( vacant land) lowering their acquisition cost substantially and covering the expense associated with their Property Improvement Plan (PIP).
Results:
The Canadian investment group assumed operations of the hotel, improved operations and occupancy and implemented the PIP required. Ultimately, the one acre corner was sold and now contains an office building. Over the course of the next few years, the hotel was sold and is presently operating as the Renaissance Boca Raton Hotel located at 2000 NW 19th Street Boca Raton, Florida.
