The Miami real estate market is doing pretty well all across the board. From modestly priced homes to luxury condos and waterfront properties, if you have been procrastinating about selling or buying a home, your best chances of getting a great deal is now. Overall, the entire South Florida market shows positive gains. Even rental properties are doing pretty well. Yet surprisingly, it is the recent spike in hotel sales that real estate professionals are monitoring and paying close attention to.
A most recent hotel sale was a $171 million price tag, Brookfield Asset Management paid for the Hilton Fort Lauderdale Marina, which makes the deal one of the biggest within the past year. In another major deal, UK investment group Henley paid a total of $30 million on two properties in South Florida. One in Little Havana and the other is located in South Beach. Henley’s properties will be a “social culture of a hostel with innovative design and a community-driven atmosphere”.
According to reports by the Sun-Sentinel, the Related Companies is looking to sell the W Fort Lauderdale, a 346-room beachfront condo. Other hotels that are on the market in Broward County include the B Ocean Resort, a 481-room property at 1140 Seabreeze Boulevard and the 236-key Renaissance Fort Lauderdale Cruise Port Hotel. Real estate insiders all agree that these properties will soon have plenty of prospective buyers lining up to make a deal. With the upcoming summer season that usually sees many hotels in high occupancy, expect to continue to hear of the positive gains in the hotel real estate market in Miami and the rest of South Florida. Here are some of the biggest hotel deals that have occurred within the past year.
Austin, Texas-based real estate investment trust Summit Hotel Properties paid roughly $85 million for the Courtyard Fort Lauderdale Beach by Marriott in May of 2017.
Ocean Properties Hotels, Resorts & Affiliates paid their partners that were involved in the Hollywood Beach Marriott hotel $61 million to exclusively own the property.
Host Hotels & Resorts paid $38 million to the Castle family of Hawaii for the Miami Marriott Biscayne Bay.
The Conrad Miami hotel on Brickell Avenue was sold to Mast Capital and Angelo Gordon & Co for $72 Million.
Gencom sold the Ritz-Carlton Coconut Grove for $36 million to Hersha Hospitality Trust.
As buyers and sellers of hotels continue to push the market towards positive gains, new developers are also getting into the market. The Italian family that owns Belmond Cipriani Hotel in Venice, Italy is planning on opening a new hotel called Mr. C Coconut Grove in Coconut Grove and in addition, the neighborhood will also soon see a new hotel called the Aloft.
In 2017, South Florida saw the opening of 14 new hotels and as the real estate hotel sales market continues to grow in 2018, we should expect to hear more great news.
For more information about Hotels for sale in Miami, please contact OWN, the leading International Brokerage and Liaison in the United States. OWN Realty | 305.995.8201 | firstname.lastname@example.org | visit ownrealty.com