MHG Hotels has acquired the Aloft Fort Lauderdale Airport hotel for $33.3 million. The property, located at 501 Southeast 24th Street, consists of 138 rooms, making the price per room nearly $241,000.
The seller is an entity connected to Green Park Management, based in Boynton Beach. Green Park, led by John Costas, bought the development site for $3.3 million in 2020 and secured a $31.7 million construction loan from Bank of America in 2021. The 14-story hotel was completed in 2024.
Aloft operates under Marriott International’s brand portfolio.
MHG Hotels is headquartered in Boca Raton and led by Sanjay Patel. According to the company’s website, Patel purchased his first hotel—a Super 8 Motel—in 1991 and established MHG in 2001. The firm now owns more than 20 hotels across Florida, Indiana, Missouri, and Texas and has over a dozen additional properties planned.
In recent years, MHG has expanded its holdings in South Florida. In 2024, it bought the Hampton Inn Boca Raton for $15.5 million and previously acquired the Courtyard – West Palm Beach Airport for $20.5 million in 2023.
Hotel transactions have been inconsistent throughout South Florida as higher interest rates and increased costs such as insurance have affected the real estate market.
Other notable recent deals include Steve Ross’s purchase of The Ben Hotel in West Palm Beach for $108.5 million earlier this month and Bridgeton Holdings’ acquisition of the Sheraton Miami Airport Hotel near Miami Freedom Park for $67.5 million in January. Last year’s largest hotel sale was Terra and Fortune International Group’s joint purchase of Silver Sands Beach Resort in Key Biscayne for $205 million; they plan to redevelop it into a boutique condominium building with 56 units.
MHG declined to comment on the transaction, while Green Park did not immediately respond to requests for comment.
