POMPANO BEACH, FLORIDA Urgo Hotels has acquired the 96-key Ocean Point Hotel, a beachfront property in Pompano Beach. Terms of the transaction have not been disclosed.
Ocean Point is situated on 2.5 acres of oceanfront property, with more than 500 ft. of beachfront. Urgo plans to close the nine-story hotel in June to carry out a six-month renovation to make the property “into a brand new hotel.” The company currently is reviewing options to convert the hotel to a major, premium full-service or select-service brand. The hotel will reopen under the new flag in the fourth quarter of 2011 in time for the high season.
“This property has outstanding potential and will benefit from our total planned makeover,” says Senior Vice President Kevin Urgo. “We have enjoyed substantial growth during the recent difficult economy, adding nine hotels to our portfolio through both acquisitions and third-party management contracts, aggregating 1,426 rooms. We continue to have an aggressive appetite for expansion and have the infrastructure in place to continue comfortably at this pace for at least the next several years. We have the resources and flexibility to invest as a joint-venture partner or in wholly owned projects, as well as provide third-party management.”
Urgo expects to add 114 guestrooms and 3,000 sq. ft. of indoor event space as part of the renovation. The renovation will also add about 2,000 sq. ft. of outdoor function space, a health club and a large outdoor pool. The company currently is in negotiations with a well-regarded restaurateur to operate an upscale, separately branded tiki bar and an indoor/outdoor beachfront restaurant.
“This will be a custom-designed, upscale boutique hotel when completed, operating under a premium brand,” Urgo says. “We have considerable experience in the Florida market and look forward to creating a jewel of a hotel for the Pompano Beach market.”
Ocean Point is the ninth hotel that Bethesda, Maryland-based Urgo has added to its owned and managed portfolio in the past 13 months. The company now owns or operates 26 hotels in the United States and Canada.