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HREC Investment Advisors (“HREC IA”), is pleased to offer for sale the fee-simple interest in the 128-guestroom, 3-story exterior corridor, corporate-owned by CorePoint Lodging La Quinta Inn & Suites Deerfield Beach I-95 At Hillsboro East (herein referred to as “Hotel” or “Property”) located at 351 W Hillsboro Blvd, Deerfield Beach, Florida 33441. The Hotel is situated directly off of Interstate 95, providing easy accessibility to Fort Lauderdale (16 mi), Palm Beach (30 mi) and Miami (43 mi).
Deerfield Beach is a city in Broward County, FL, just south of the Palm Beach County line. Fort Lauderdale, located just 16 miles south, is the county seat and a popular tourist destination. Greater Fort Lauderdale, encompassing all of Broward County, hosted 13 million overnight visitors in 2018. Additionally, 3.89 million cruise passengers passed through its Port Everglades, making it the third largest cruise port in the world. The Fort Lauderdale area is a major manufacturing and maintenance center for yachts. The boating industry is responsible for over 109,000 jobs in the county. With its many canals, and proximity to the Bahamas and Caribbean, it is a popular yachting vacation stop, and home port for 42,000 boats, and approximately 100 marinas and boatyards. Additionally, the annual Fort Lauderdale International Boat Show, the world’s largest boat show, brings over 125,000 people to the area each year.
Major companies located in the Greater Fort Lauderdale area include AutoNation, Citrix Systems, Commcare Pharmacy, DHL Express, KEMET Corporation, SEACOR Holdings, Spirit Airlines, and National Beverage Corporation. The largest employers in the county are Tenet Healthcare, which employs over 5,000 people, American Express, which employs over 4,500, FirstService Residential, which employs over 3,900, and Maxim Integrated Products, which employs 2,000.
The acquisition of the La Quinta Inn & Suites represents a unique opportunity to acquire a midscale, well-located, select service, corporate-owned by CorePoint Lodging hotel with operational upside at well below replacement cost. Located at the northernmost point of Broward County is Deerfield Beach, a city whose growth cannot be understated or overlooked. Home to over 80,000 individuals, this beach community has capitalized on the economic prosperity and ever-increasing migration of individuals to the South Florida region.
