BOCA RATON, Fla. – DoveHill Capital Management has acquired the 221-room DoubleTree Deerfield Beach-Boca Raton.
“This acquisition marks our eighth investment since 2020 and we are extremely excited to add our fourth South Florida property to our portfolio preeminent portfolio of leading full-service and lifestyle-oriented hotels,” says Jake Wurzak, CEO of DoveHill Capital Management. “The hotel was acquired at a favorable entry point at a discount to recently consummated transactions in the market. We plan to upgrade the hotel’s management and engage in capital projects to enhance the guest experience including the pool, food and beverage outlets, and the fitness center. The Boca Raton submarket is an incredibly high barrier to entry market with demand tailwinds which I believe will only strengthen.”
Headquartered in Fort Lauderdale, Fla., DoveHill Capital Management is a hospitality investment and development organization. DoveHill Capital Management has focused on expanding its hotel portfolio throughout the pandemic, growing its holdings to 15 properties across North America. The hotel will be operated by DoveHill’s associated management company, The Wurzak Hotel Group, under a franchise agreement with Hilton.
The DoubleTree Deerfield Beach-Boca Raton has benefited from over $15 million in capital improvements since 2015. DoveHill plans to make further investments to enhance the property with a focus on the public areas and include the addition of a new bar adjacent to the upgraded pool.
Ten minutes from the Atlantic Ocean, adjacent to the I-95, and 25 minutes away from the Fort Lauderdale and Palm Beach International airports, the DoubleTree offers convenient access to both corporate and leisure travelers.
DoveHill will also explore future development opportunities on vacant portions of the expansive 6.2-acre site.
Charles Paloux, the company’s EVP of investments adds, “The mix of demand in the South Florida Palm Beach–Miami corridor is unprecedented, well beyond the demand boost that COVID-19 created. South Florida has permanently shifted post-COVID, and we remain incredibly bullish on this market. The property has already experienced a post-COVID spike in occupancy due to the rapid rebound of leisure travel to south Florida. As business travel returns, the hotel is set to benefit from both areas of demand.”