The Sheraton Suites Fort Lauderdale at Cypress Creek has been sold in a $18.25 million deal to Equity Management Partners. Now open, the 253-suite asset at 555 Northwest 62nd Street had been closed since September due to damage from Hurricane Irma. The 8-story hotel, which has frontage on Cypress Creek Road, changed hands for just under $72,135 per room key. Common amenities at the property include include a pool, a club lounge, event and meeting space and the Terrace 555 Restaurant & Bar. Beverly Hills, California-based seller Platinum Equity bought the facility in 2012 for $9.5 million. The deal was completed with a $15.6 million mortgage provided by Valley National Bank.
