Stambul plans redevelopment after purchasing Fort Lauderdale Clarion Hotel for $14 million

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This Clarion Hotel will be redeveloped and renamed

Sunrise Hotel LLC, has sold the 145-room Clarion hotel at 1055 N. Federal Hwy. in Ft. Lauderdale to Stambul Ventures, managed by Daniel Pena Giraldi and Luis E. Rojas in Miami. Stambul plans to redevelop it into a boutique hotel.

Property deeds filed in Broward list the hotel’s new owner as 1055 N. Federal LLC, which is managed by Hospitality Sunrise led by Pena Giraldi, The Real Deal reports. Pena Giraldi has ties to Stambul USA, a Miami-based real estate firm that recently developed the Langford Hotel in its downtown vicinity.

SMS Hospitality will manage the hotel, which is no longer a Clarion. Stambul plans to temporarily rename the property The Link and will start phased renovations of the exterior facade, landscaping, and amenities like food and beverage components in about six months. The hotel will remain open throughout, Pena Giraldi said.

Construction should be completed in about 14 months. The rooms were recently renovated by the previous owner. Property records show Equity Management paid $8.25 million for the site in 2014.

In about seven months, Pena Giraldi’s group plans to begin a renovation that will mainly include upgrades to its exterior and guest amenities and a new food and beverage component. The hotel had recently completed extensive interior upgrades.

When renovations are done, the hotel will cater to millennials and young professionals who visit and live in the area.

“We think Fort Lauderdale has legs,” Tony Cho, founder and CEO of Metro 1, said. “There’s a desire for people who live there for more creative and interesting options.”

“As Stambul grows, we are targeting neighborhoods that are strategically located and in the early stages of a renaissance,” Pena Giraldi said. “This hotel is half a mile from the beach and across the street from Galleria Mall. It has all the components to become a successful boutique hotel catering to Millennials looking for a social experience. We plan to make a significant investment to renovate the hotel in phases so the community can benefit from a great concept.”

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