DoveHill Capital Management has purchased the DoubleTree Deerfield Beach-Boca Raton

DoveHill Capital Management hospitality investment and development venture based in Fort Lauderdale, Florida is one of the few companies that continued to grow its expansion during the Covid-19 pandemic, now accounting for 15 properties spread across North America. The newly acquired DoubleTree Deerfield Beach-Boca Raton Hotel will be operated by associate The Wurzak Hotel Group under a Hilton franchise.

Jake Wurzak, CEO of DoveHill Capital Management, explained:

"This acquisition marks our 8th investment since 2020 and we are extremely excited to add our fourth South Florida property to our pre-eminent portfolio of leading full service and lifestyle oriented hotels.

“The Hotel was acquired at favourable 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 centre. The Boca Raton sub-market is an incredibly high barrier to entry market with demand tailwinds which I believe will only strengthen."

The DoubleTree Deerfield Beach-Boca Raton has already underwent $15 million upgrades since 2015. Nevertheless, DoveHill aims to invest further capital to make the property even more attractive for guests, by adding a new bar, a refurbished pool and more.

Charles Paloux, EVP Investments, also declared:

"The mix of demand in the South Florida Palm Beach – Miami corridor is unprecedented, well beyond the demand boost that Covid 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."

DoveHill has also expressed its interest in exploring future development opportunities for the site. The hotel is located near the Atlantic Ocean, close to Fort Lauderdale and Palm Beach International airports.

 

Source: prnewswire.com