Under Eminent Domain, Broward Buys Airport Hilton For $62M
“A settlement between the Hilton Fort Lauderdale Airport and Broward County bridged a huge gap between what the county wanted to pay for the 388-room hotel initially and what the owner wanted for it.
The County Commission on Tuesday approved a $62 million deal that was far from the $46.3 million the county initially offered to the Blackstone Group LP affiliate for the Dania Beach property in 2011.
The settlement price also was far from the $78 million the owner, Ft Lauderdale Owners LLC, estimated the hotel was worth based on its income and investors’ voracious appetite for South Florida hotels, said Miami attorney Mark Tobin, lead counsel for the owner.”
Luspa-Abbot, Paola. Daily Business Review 14 June 2013.