Highgate cashes out of another South Florida La Quinta

Highgate Capital Management shed another La Quinta Inn by Wyndham property in South Florida, as hotel sales heat up in the tri-county region.

The Irving, Texas-based hospitality real estate firm sold the 114-room hotel at 5981 Okeechobee Boulevard in unincorporated Palm Beach County for $13 million, records show. The buyer is an entity managed by Samuel Bonnadrel, founder of Rore Investment Group, a real estate investment firm based in Jacksonville.

The deal breaks down to roughly $114,000 per key. Rore obtained a $9.7 million mortgage from Ocean Bank.

The three-story building on a nearly 3-acre site was completed in 1988, records show. Highgate, led by co-chairmen Mahmood Khimji and Mehdi Khimji, paid $7.3 million for the property in 2006.

Highgate is on a South Florida selling spree. This month, the firm also sold a pair of La Quinta Inn hotels in Plantation and Coral Springs to other entities managed by Bonnadrel for a combined $26.6 million, records show.

In September, Highgate sold two La Quinta hotels in Doral and Miami Springs for $17 million. And in July the company sold another pair of La Quinta properties in Hollywood and Doral for a combined $36.3 million. Across the U.S. Latin America, the Caribbean and Europe, Highgate has more than 87,000 hotel rooms under management, according to the firm’s website.

South Florida is seeing a flurry of hotel trades in recent months. This month, investment giant Blackstone sold The Hampton Inn & Suites hotel in Tamarac for $17.8 million. The buyers were entities managed by Ramzan and Amin Gulamali, principals of Altamonte Springs-based hotel development and investment firm F + F.

In September, a Hilton Garden Inn in Miami Beach sold for $28 million, and a Doubletree by Hilton Hotel in Deerfield Beach traded for $27 million. The same month, Catalyst Capital Group paid $39.3 million for the Balfour Hotel in Miami Beach.