The Atlanta-based Noble Investment Group has purchased the Renaissance by Marriott Fort Lauderdale for $48.1 million. Located at 1617 Southeast 17th Street the 254,600-square-foot hotel includes more than 10,000 square feet of flexible meeting and boardroom space. The seller of the 225 room property, RFL MTGL8, paid $40 million for the 3.3-acre property in December 2012. General Electric Capital Corp. granted the buyer a $38.1 million mortgage to facilitate the transaction.
“The Fort Lauderdale market continues to experience robust economic growth which we believe the Renaissance Fort Lauderdale Cruise Port is uniquely situated to capitalize on,” Noble principal Ben Brunt said in a statement. “This investment is reflective of Noble’s strategy to acquire transient-oriented, well-located assets, in high barrier to entry markets.”
