Investment Opportunity # 3 :
GalleryOne
Overview:
Name: GalleryOne
Location: Downtown Fort Lauderdale, Florida
Submarket: Atlantic Beach / Northern Fort Lauderdale
Hotel Rooms: 231 rooms
MUH Units: 234 units
Investment: $26,000,000
Term: 4 Years
IRR: 32%
Investment Multiplier: 2.7
Summary:
The Opportunity: Purchase a controlling interest in the 231 suite DoubleTree Suites by Hilton and re- redevelop its 2.0 acre parking structure into a 15-story mixed-use project whose primary use is 234 luxury rental apartments and an integrated parking structure.
The Investment: $26,000,000
The Location: GalleryOne is 3.8 miles east of I-95 on Sunrise Boulevard, the northern boundary of the Ft. Lauderdale CBD and is within walking distance (0.5 mile) to the Atlantic Ocean (public beach). It is situated between NE 26th Avenue and the Intracoastal waterway. NE 26th Avenue is fully signalized and the property has direct access to Sunrise Boulevard. GalleryOne is adjacent to the Galleria Mall (Neiman Marcus, Macy’s & Dillards as well as numerous boutiques and eateries), which is slated for a $500,000,000 renovation. A Publix grocery is caddy cornered, across Sunrise Boulevard.
The Return Potential: An industry expert recommends renovations to the bar, restaurant and poolside achieve revenues which better capitalize on the hotel’s Intracoastal multi-million dollar view and location. A renovation/redesign of the food & bar operation is recommended, one in which the property’s waterfront becomes the focal point, not an afterthought. The redesign is expected to transform the food & beverage operations into a destination for locals as well the first choice of the hotel patrons. As a direct result, experts forecast increasing F&B profits by more than $500,000 per year.
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