Sotherly Hotels has bought into the Hollywood dream. The Hollywood, FL, condo dream, that is.
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The Virgina-based hotel owner and operator has reached an agreement with the developers of Hyde Resort & Residences—the Related Group—to buy the new tower's hotel commercial space portion for $4.25M.
That deal will give Sotherly—which owns the Crowne Plaza Hollywood Beach Hotel in Miami and the Crowne Plaza Tampa Westshore—control over Hyde's hotel lobby, front desk areas, offices and other hotel-related commercial space. It also will buy the rights to operate the condominium association that will oversee all 407 units inside the condo tower.
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Underway right now, Hyde Resort & Residences will feature an Infinity-end ocean-view pool, a fitness center, spa and access to the Hyde Beach Kitchen + Cocktails club. The tower is expected to deliver early next year.
"Our management team has experience with the condo-hotel model, and we believe it is an attractive opportunity to turn a modest investment into tremendous value for our shareholders," says Sotherly CEO Drew Sims. He says the proximity to Sotherly's Crowne property "presents our team with a wide variety of product offerings and amenities."
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