MARKET REPORT
SOUTH FLORIDA | HOSPITALITY
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This edition of the ONE Commercial Market Report examines hospitality in Miami-Dade, Broward, and Palm Beach counties.
Daniel de la Vega Chief Executive Officer ONE Commercial Real Estate
Miami-Dade County
Q2 2024 | HOSPITALITY REPORT
MIAMI HOTELS NAVIGATE TOUGH TERRAIN: REVPAR
DIPS, YET RECOVERY BECKONS
EXECUTIVE SUMMARY
Miami hotels have encountered significant challenges over the past year that pulled down most key performance indicators. The first quarter of 2024 showed improved hotel performance with February results pushing it to the top spot among the Top 25 national markets. Compared to 2023, RevPAR growth decreased in March from 3.3% in February to 1.7% growth in March. As of May RevPAR lifted slightly resulting in 4.1% growth. On a 12-month bases RevPAR declined 1.9% by the end of May 2024, due to a 2.8% decline in ADR and a flat 0.9% dip in occupancy. Demand was essentially unchanged, along with supply growth resulting in flatter occupancy.
Increased competition and supply-induced occupancy declines eroded Miami’s pricing power, particularly among leisure visitors. Over the past year, travel patterns favored urban markets, outbound international travel, and cruises. The more competitive travel landscape contributed to an 8% decline in weekend ADR in 2023, and transient ADR among Luxury and Upper Upscale hotels declined 10%.
On the other hand, group ADR at Luxury and Upper Upscale hotels rose 3% in 2023, likely due to contracted rates for group blocks that were negotiated before rate growth faded. However, the strong growth in ADR in 2021 and 2022 may be prompting some groups to seek more affordable options. Group demand in Luxury and Upper Upscale hotels was down more than 1% in 2023, while transient demand rose nearly 3%.
SOURCE: COSTAR
Economic headwinds are also affecting hotel performance, and there are some predictions of a slowdown in economic growth as the full impact of the Fed’s rate hikes over the past two years is felt. As a result, hotel performance is projected to remain soft through the first half of the year. Performance will improve later in the year, and RevPAR is forecast to grow by 3% for calendar year 2024. Most of the RevPAR growth in 2024 will come from gains in ADR, as robust supply growth will limit growth in occupancy. Nearly 1,200 rooms are scheduled to open during the year, more than double the 423 that opened in 2023.
The Miami Beach Submarket accounts for more than half of the rooms expected to open in 2024 including the Thompson South Beach, a 150-room Luxury hotel scheduled to open in 24Q3. Declining ADR and RevPAR, along with higher interest rates and tighter lending standards, caused a pronounced slowdown in sales activity. Additionally, industry experts have expressed concern that the rising cost of property insurance in Florida could deter some hotel sales. However, transaction prices held steady despite the difficult sales environment. Trades averaged $30.2 million ($296,000/key) in 2023, versus $31.2 million ($295,000/key) in 2022.
MARKET REPORT
ADR BY CLASS
MARKET ACTIVITY
Hotel sales in Miami continue to be headlined by Upper Upscale and Luxury trades. In January, Miami-based Gencom acquired the Ritz-Carlton Key Biscayne from Brookfield Asset Management in a partial interest transfer that valued the property at $400 million ($1.4 million/key). Gencom already owned a minority stake in the Luxury beachfront hotel, and this transaction gave them full ownership. A $100 million renovation program is planned.
Although the market continues to see a few significant sales, the number of trades in Miami slowed over the past year due to rising interest rates and tighter lending standards. There is also some concern that rising costs for property insurance may deter hotel sales in Florida. Distress sales haven’t emerged despite concerns about the cost of refinancing a maturing loan at current interest rates. Twenty properties in the market are tied to CMBS loans maturing in the next 12 months, including four in special servicing.
The focus of hotel openings will shift to the Downtown Submarket in 2025. In addition to the Dream Miami at Riverside and the Baccarat Hotel & Residences, openings in 2025 include the 219-room Legacy Hotel & Residences at Miami Worldcenter. The Waldorf Astoria Miami and Treehouse Brickell, also under construction in the Downtown Submarket, are expected to open in 2027.
OCCUPANCY BY CLASS
TOP BUYERS PAST 12 MONTHS
Projects in final planning include more than 1,200 rooms with opening dates in 2025 and another 5,000 rooms with opening dates in 2026, led by the 800-room Grand Hyatt Miami Beach Convention Center. The Grand Hyatt is scheduled to begin construction in 24Q1 and open in early 2026 as the new headquarter hotel for the Miami Beach Convention Center.
However, the timelines for projects in final planning are subject to change given higher interest rates on construction loans and tighter lending standards. There is also some concern that rising costs for property insurance may deter some hotel development in Florida.
OUTLOOK
Room openings in Miami ramp up sharply in 2024 after a brief slowdown. More than 1,100 rooms are scheduled to open during the year, compared to 423 in 2023, the fewest in a year since 2014.
SUBMARKET SALES TRANSACTIONS PAST 12 MONTHS
The slowdown in 2023 was an abrupt change from several years of robust growth. An average of 1,650 rooms opened from 2016-2022, including more than 2,000 in 2018 and 2022.
There are 20 properties with approximately 3,600 rooms under construction in Miami, equaling 5.3% of the market’s existing room inventory. For comparison, rooms under construction nationwide represent 2.6% of the total industry inventory.
Several Upper Upscale and Luxury properties are under construction in Miami. The 160-room Gale Miami Hotel & Residence is scheduled to open in 24Q2, followed by the 150-room Thompson South Beach in 24Q3. The 249room Baccarat Hotel & Residences and the 165-room Dream Miami at Riverside Wharf, on the Miami River, are scheduled to open by the end of 2025. The Dream Miami at Riverside will offer the market’s first VIP yacht check-in experience and the largest nightclub in the U.S. The 205-room Waldorf Astoria Miami is also under construction and is expected to open in 2027.
Several more Luxury properties are being developed from renovations of Miami’s historic Art Deco buildings including the 74-room Hotel Fasano Miami Beach, the 103-room Rosewood The Raleigh Miami Beach, and the 56-room Aman Miami Beach.
The Miami Beach Submarket accounts for more than half of the rooms scheduled to open in 2024. The 294-room Collins Park Hotel is expected to open in 24Q2, followed by the 168-room citizenM Miami South Beach and the 150-room Thompson South Beach in 24Q3.
SOURCE: COSTAR
THE RITZ - CARLTON KEY BISCAYNE, MIAMI | 455 GRAND BAY
Downtown South Submarket | Key Biscayne, FL 33149
SALE DATE Jan 2024
SALE PRICE $400M ($1.4M/Room)
OPER TYPE Chain Management
HOLD PERIOD 15 Months
ROOMS 279
YEAR BUILT 2001 (Renov 2017)
BUYER Gencom (USA)
SELLER Brookfield Hotel Properties (USA)
SALE TYPE Investment
PARENT CO Marriot International
SALE COND Partial Interest Transfer
NORTH BAY INN MIAMI | 1819 79TH STREET CSWY
Miami Beach Submarket | North Bay Village, FL 33141
SALE DATE Jun 2024
SALE PRICE $73.5M ($622.9K/R..)
OPER TYPE Independent
HOLD PERIOD 101 Months
ROOMS 118
YEAR BUILT 1971 (Renov 2017)
BUYER The Continuum Company,... (USA)
SELLER Jesta Group (CAN)
SALE TYPE Investment
DUA, AUTOGRAPH COLLECTION | 1300 S MIAMI AVE
Miami Downtown Submarket, Miami FL 33130
SALE DATE Oct 2023
SALE PRICE $53.5M ($431.5K/R..)
CAP RATE 4.9% (Actual)
OPER TYPE Franchise
HOLD PERIOD 6 Months
ROOMS 124
YEAR BUILT 2016
BUYER Kastrati Group (USA)
BROKER Disruptive Real Estate
SELLER Fiduciaire Fermand Faber (USA)
BROKER JLL
SALE TYPE Investment
PARENT CO Marriot International
SALE COND Furniture, Fixtures and Equipment Inc..
EVEN HOTEL MIAMI | AIRPORTN | 3499 NW 25TH ST
Miami Airport Submarket | Miami FL 33142
SALE DATE Dec 2023
SALE PRICE $29M ($152.6K/Room)
OPER TYPE Franchise
HOLD PERIOD 71 Months
ROOMS 190
YEAR BUILT 2018
CIRCA 39 | 3900 COLLINS AVE
BUYER George Nediyakalayill (USA)+1
BROKER The Keyes Company | Commercial Sal...
SELLER Epelboim Development G.. (USA)
BROKER The Keyes Company | Commercial Sal..
SALE TYPE Investment
PARENT CO IHG Hotels & Resorts
Miami Beach Submarket | Miami Beach, FL 33140
SALE DATE Feb 2024
SALE PRICE $25.6M ($263.4K/Ro...)
OPER TYPE Independent
HOLD PERIOD 32 Months
ROOMS 97
YEAR BUILT 1939 (Renov 2014)
BUYER CL Hotels LLC (USA)
SELLER Black Salmon Capital (USA) +1
SALE TYPE Investment
Broward County
Q2 2024 | HOSPITALITY REPORT
FORT LAUDERDALE HOTEL SECTOR FACES
CHALLENGES: GROWING COMPETITION AND SLOWER TRANSACTION VOLUME
EXECUTIVE SUMMARY
Hotel performance in Fort Lauderdale declined in Q1 2024 due to increased competition for domestic travelers and softer economic growth. RevPAR slowed at the beginning of last year and ended with less than 1% growth compared to the same period in 2022. RevPA’s declines resulted from flat ADR and occupancy growth throughout the year. The lack of growth reflected increased competition for domestic travelers as the industry reset from the impacts of the pandemic. International travel, cruises, and many urban locations in the U.S. that lagged Fort Lauderdale’s growth in 2021 and 2022 experienced substantial growth in 2023.
The group segment has been the primary source of growth over the past year, while leisure travel softened in the more competitive travel landscape. Group occupancy declined significantly in March by 25%in Luxury and Upper Upscale hotels, which offset overall occupancy rates to fall 1.2% compared to 2023. Transient occupancy showed a solid 7.4% growth in March after a slow start in January and February. While transient occupancy remained at 7% growth, group ADR rose 2.4%, but transient ADR declined 5%, resulting in RevPAR’s overall decline of 3.2%, all segments combined.
In addition to increased competition for U.S. travelers, economic growth is forecast to slow in early 2024 as the full impact of the Fed’s rate hikes over the past two years is now felt. As a result, hotel performance is expected to remain weak
SOURCE: COSTAR
in early 2024 but improve as the year progresses. ADR is projected to rise 2% and lift RevPAR a similar amount.
Hotel sales in Fort Lauderdale slowed over the past year due to rising interest rates and tightened lending standards. Additionally, some industry experts have expressed concern that rising property insurance costs in Florida could deter some hotel sales. Two trades occurred in Fort Lauderdale during 2024’s Q1, below the number of sales last year, of which there were six by the end of the first quarter. These trades averaged $2.9 million ($146,000/key). They were classified as economy-class hotels. As of May, 35 hotels are listed with active CMBS loans maturing within two years. Of these loans, 17 are on the watchlist for potential distress, with the majority of hotels classified as midscale. None are listed in special servicing.
MARKET REPORT
MARKET ACTIVITY
Hotel sales in Fort Lauderdale have decreased over the past year due to rising interest rates and stricter lending standards. In 2023, there were only 25 trades, the lowest number in over a decade, excluding the slowdown caused by the pandemic in 2020. Typically, there are around 35 trades in a year.
Another factor that could potentially dampen hotel sales in Florida is the surge in property insurance costs. The state has been grappling with the aftermath of hurricane damage in 2022 and 2023, leading to a substantial hike in property insurance expenses. This could pose a significant challenge to the hotel market.
In 2023, trades had an average value of $47.3 million ($380,000 per key). However, this average was skewed by the sale of the Diplomat Beach Resort in February 2023.
Brookfield Hotel Properties sold the Upper Upscale resort to a joint venture between Trinity Real Estate Investments and Credit Suisse Asset Management for $835 million ($835,000 per key). The buyers have announced that the resort will operate under the Curio Collection by Hilton flag.
Excluding the Diplomat sale, trades in 2023 consisted of limited-service properties with an average price of $11.5 million ($135,000 per key). This is below the average sale price of $13 million ($216,000 per key) in 2021 and 2022.
The rise in interest rates over the past year has prompted a shift in sales activity towards lower price points, potentially
OCCUPANCY BY CLASS
Occupancy By Class
TOP BUYERS PAST 12 MONTHS
as a strategy to offset the higher cost of debt. In 2021 and 2022, resort locations that typically command higher prices accounted for over 70% of trades, but this figure dropped to only 32% in 2023. Conversely, the share of trades in suburban locations rose from around 20% in 2021 and 2022 to 40% in 2023.
Recent sales include Mid America Lodging Group’s purchase of the 128-room Hampton by Hilton Fort Lauderdale/ Plantation in September for $21 million ($164,000 per key). Peachtree Hotel Group acquired the Upper Midscale hotel in 2019 for $16.6 million ($130,000 per key).
In August, Blackstone sold a five-property portfolio that included three Fort Lauderdale properties (Residence Inn Miramar, Courtyard Miramar, and Residence Inn Plantation) and two properties near Phoenix, AZ., to Three Wall Capital for a total price of $107.6 million ($168,000 per key).
Despite concerns about the cost to refinance maturing debt at current interest rates, Fort Lauderdale has had no distress sales. There are 28 properties in the market tied to CMBS loans maturing in the next twelve months, including one in special servicing, but all loans are performing
OUTLOOK
Fort Lauderdale’s hotel industry has experienced a decline in room openings since 2021, and this trend will continue over the next year. In 2021, approximately 1,000 rooms opened, which is the highest number of rooms opened in four years, with an average of 950 rooms opened annually. However, the number of room openings has slowed down, with only 572 rooms opening in 2022 and 358 rooms in 2023.
The Tru by Hilton Miramar, a 97-room hotel, is the only hotel scheduled to open in 2024. The Home2 Suites by Hilton Weston Fort Lauderdale, with 147 rooms, is the next hotel scheduled to open in 2025.
There are currently 5 hotels under construction in Fort Lauderdale, with a total of approximately 1,200 rooms. This represents 3.0% of the market’s existing rooms. In comparison, hotels under construction nationwide account for 2.7% of the industry’s total inventory.
The Omni Hotel Fort Lauderdale, an 800-room property, accounts for more than half of the rooms under construction in Fort Lauderdale. It is located adjacent to the Greater Fort Lauderdale/Broward County Convention Center, which is currently undergoing an expansion. The hotel is expected to open in late 2025 and will be owned by Broward County government. Another hotel under construction is the 140
SUBMARKET SALES TRANSACTIONS PAST 12 MONTHS
SOURCE: COSTAR
W HOTEL FORT LAUDERDALE | 401 N FORT LAUDERDALE BEAC...
Fort Lauderdale/Beach Submarket | Fort Lauderdale, FL 33304
SALE DATE Apr 2024
SALE PRICE $153.2M ($352.1K/R...)
OPER TYPE Chain Managemen
HOLD PERIOD 117 Months
ROOMS 435
YEAR BUILT Renov 2020
BUYER BRE Hotels & Resorts LLC (USA)
SELLER The Related Companies (USA)
BROKER Eastdil Secured, LLC
SALE TYPE Investment
PARENT CO Marriott International
SALE COND Furniture, Fixtures and Equipment Incl...
SHERATON SUITES FORT LAUDERDALE AT CYPRESS | 555 NW...
West Broward/Plantation Submarket | Fort Lauderdale, FL 33309
SALE DATE Jul 2023
SALE PRICE $28M ($108.5K/Room)
OPER TYPE Franchise
HOLD PERIOD 64 Months
UNITS 258
YEAR BUILT 1986 (Renov 2014)
BUYER Royal Oaks Hospitality, LLC (USA)
SELLER Equity Management Partn... (USA)
BROKER Kabani Hotel Group Inc.
SALE TYPE Investment
PARENT CO Marriott International
SALE COND Furniture, Fixtures and Equipmen...
RESIDENCE INN FORT LAUDERDALE SW/MIRAMAR | 14700 HO…
Hollywood/Airport Submarket | Miramar, FL 33027
SALE DATE Aug 2023
SALE PRICE $22.9M ($175,8K/Ro..)
OPER TYPE Franchise
HOLD PERIOD 50 Months
ROOMS 130
YEAR BUILT 2006 (Renov 2014)
BUYER
Three Wall Capital LLC (USA)
SELLER Blackstone Real Estate In... (USA)
BROKER CBRE
SALE TYPE Investment
PARENT CO Marriott International
SALE COND Bulk/Portfolio Sale
HAMPTON INN FT. LAUDERDALE/PLANTATIO | 7801 SW 6TH ST
West Broward/Plantation Submarket | Plantation, FL 33324
SALE DATE Sept 2023
SALE PRICE $21M ($164.1K/Ro..)
OPER TYPE Franchise
HOLD PERIOD 55 Months
ROOMS 128
YEAR BUILT 1999 (Renov 2017)
BUYER Mid America Lodging Gro... (USA)
SELLER Peachtree Hotel Group (USA)
SALE TYPE Investment
PARENT CO Hilton Worldwide
COURTYARD FORT LAUDERDALE SW/MIRAMAR | 14500 SW 29T...
Hollywood/Airport Submarket | Miramar, FL 33027
SALE DATE Aug 2023
SALE PRICE $20.7M ($161.9K/Ro...)
OPER TYPE Franchise
HOLD PERIOD 50 Months
ROOMS 128
YEAR BUILT 2006
BUYER Three Wall Capital LLC (USA)
SELLER Blackstone Real Estate In... (USA)
BROKER CBRE
SALE TYPE Investment
PARENT CO Marriott International
SALE COND Bulk/Portfolio Sale
room Whitfield Las Olas Hotel & Spa, an Upper Upscale independent hotel in the Fort Lauderdale Beach submarket, scheduled to open in late 2025.
The hotel pipeline could expand rapidly if rooms in final planning stay on schedule. Nearly 700 rooms in final planning have opening dates in 2025, and almost 1,400 rooms are targeting 2026. Seven properties totaling nearly 1,000 rooms are scheduled to break ground during 24Q1, including three full-service hotels. The 60-room Auberge Shell Bay Club & Resort is expected to open in 2025, the 200-room Wyndham Grand Hollywood is scheduled to open in 2026, and the 176-room Fort Lauderdale Downtown EDITION is scheduled to open in 2027.
However, these timelines are subject to change due to the headwinds affecting construction projects, including higher interest rates and tighter lending standards for construction loans. Additionally, rising costs for property insurance may deter some hotel development in Florida.
Palm Beach County
Q2 2024 | HOSPITALITY REPORT
PALM BEACH HOTELS SEE GROWTH AMIDST MARKET
CHALLENGES, INCREASED COMPETITION
EXECUTIVE
The Palm Beach hotel industry experienced modest growth in the first half of 2024 following decreasing RevPAR in 2023. Twelve-month RevPAR for May declined 5.7% through March 2024, with ADR down 1% and occupancy down by 4.3%. Approximately 296 new rooms were introduced into the market in 2023, surpassing the figures for 2021 and 2022. Another 350 rooms are currently under construction and are projected to be available by the end of 2024. The surge in supply has led to a reduction in occupancy rates, and the rooms slated to open in 2024 are expected to further limit the potential gains in occupancy.
Twelve-month demand slumped 2.7% after it declined about 2.4% in the prior month due to heightened competition for domestic travelers. The strongest demand growth over the past year was found in urban markets, while leisure-oriented resort destinations that performed well in 2021 and 2022 experienced much slower growth. Outbound international travel and cruises surged, siphoning some demand away from resort destinations.
Demand softened most notably in the Economy and Midscale classes, perhaps due to mounting economic pressures. The drawdown of excess savings accumulated during the pandemic has left consumers more exposed to the pressures of inflation and higher interest rates, which could weigh on consumer spending. Full-service hotels benefited from robust performance in the group segment. Group occupancy in Luxury and Upper Upscale hotels rose 7% in 2023, and transient
SOURCE: COSTAR
occupancy was up 6%. Group ADR grew 8% while transient ADR was up just 1%. Supply growth also contributed to softer hotel performance in the second half of 2023. A relatively modest number of rooms opened in 2023, but with demand slowing it was enough to cause occupancy to fall. Room openings rise from 265 in 2023 to more than 460 in 2024, the most in a year since 2020. Openings in 2024 are highlighted by the 155-room Amrit Ocean Resort and Residences, a Luxury property on Singer Island that is expected to open in 24Q1.
Nine hotels were traded in 2023, versus an average of about 17 trades in Palm Beach during a typical year, due to higher interest rates and tighter lending standards. In addition to the challenging conditions in debt markets, there is some concern that the escalating cost for property insurance may become another deterrent to hotel sales in Florida. The slowdown in sales activity has been accompanied by a decline in the average sale price. Trades in 2023 averaged $11.5 million ($127,000/key), well below the 2022 averages of $15.2 million and $215,000/key. As long as interest rates remain elevated, there is some risk that the cost to refinance maturing CMBS loans could trigger hotel sales over the next year. Seventeen properties in Palm Beach are tied to CMBS
MARKET REPORT
loans maturing in the next 12 months. All loans are performing.
MARKET ACTIVITY
Hotel sales in Palm Beach have been impacted by rising interest rates and tighter lending standards, and there is some concern that the escalating cost for property insurance may become another deterrent to hotel sales in Florida. Widespread damage from Hurricane Ian in 2022 and Hurricane Idalia in 2023 is the primary reason for the cost increase.
As a result, sales activity has slowed. As of May 2024 there have been no hotel trades. A total of nine hotels were traded in 2023, versus an average of about 17 trades in the market during a typical year.
The challenging sales environment also impacted pricing. Trades in 2023 averaged $11.5 million ($127,000/key), well below the 2022 averages of $15.2 million and $215,000/key.
Sales have been concentrated in the West Palm Beach Submarket, and hotels in West Palm Beach tend to draw higher prices than in Boca Raton, the other Palm Beach submarket. West Palm Beach accounted for eight of the nine trades in 2023, and 21 of the 28 trades since the start of 2022.
OCCUPANCY BY CLASS
Trades in West Palm Beach since the start of 2022 have averaged $18.5 million ($204,000/key), versus $5 million ($110,000/key) in the Boca Raton Submarket.
Recent sales have consisted of limited-service properties in West Palm Beach, including two trades of the Courtyard West Palm Beach Airport. Regal Hospitality bought the 103-room Upscale hotel from Kohlberg Kravis Roberts & Co. L.P. in June 2023 for $15.3 million ($149,000/key). Five months later, in November, Regal Hospitality sold the property to MHG Hotels for $20.5 million ($199,000/key).
The cost to refinance maturing CMBS loans at current interest rates could trigger hotel sales over the next year if interest rate cuts occur later than expected. Seventeen properties in Palm Beach are tied to CMBS loans, ten are maturing in the next 12 months. Six properties are on the current watchlist for potential distress of which are classified as upper-midscale, midscale and economy. No active CMBS loans are in special servicing.
SUBMARKET SALES TRANSACTIONS PAST 12 MONTHS
OUTLOOK
Hotel construction in Palm Beach could accelerate if projects in development stay on schedule. More than 1,000 rooms in final planning have opening dates in 2025 or 2026, but these timelines are subject to change due to the challenging conditions in debt markets. Additionally, there is some concern that the rising cost for property insurance may deter some hotel development in Florida.
The 130-room Tribute Portfolio West Palm Beach
Downtown and the 200-room Nora District Hotel are two of the projects in final planning with opening dates in 2025. The Tribute Portfolio West Palm Beach is scheduled to break ground in 24Q1, and the Nora District Hotel expects to begin construction in 24Q2. West Palm’s Nora District is a 15-acre project along North Railroad Avenue that is being compared to the Wynwood Arts District in Miami. The district will include a combination of new buildings, adaptive reuse of former warehouses, and an enhanced streetscape for pedestrians.
The Palm Beach hotel industry reflects the market’s affluence. More than 40% of the market’s hotel rooms are in the Upper Upscale or Luxury classes, compared to about 35% in neighboring Broward County and 20% of the total US hotel inventory. The primary demand drivers for hotels in Palm Beach are the area’s beaches and the Palm Beach County Convention Center. The 350,000 SF convention center features a 100,000 SF exhibit hall and a 22,000 SF ballroom along with flexible breakout space divisible into 19 rooms. Group bookings account for about 30% of rooms sold in Upper Upscale and Luxury hotels in Palm Beach.
SOURCE: COSTAR
COURTYARD PALM BEACH JUPITER • 4800 MAIN ST
West Palm Beach Submarket • Jupiter, FL 33458
SALE DATE Jul 2024
SALE PRICE $20.9M ($163.3K/Ro...)
OPER TYPE Chain Management
HOLD PERIOD 126 Months
ROOMS 128
YEAR BUILT 2014
SELLER Finvarb Group (USA)
SALE TYPE Investment
PARENT CO Marriott Inteernational
COURTYARD WEST PALM BEACH AIRPORT 1800 CENTREPARK...
West Palm Beach Submarket. West Palm Beach, FL 33401
SALE DATE Nov 2023
SALE PRICE $20.5M ($199K/Room)
CAP RATE 7.1% (Actual)
OPER TYPE Franchise
HOLD PERIOD 5 Months
ROOMS 103
YEAR BUILT 2001 (Renov 2015)
BUYER MHG Hotels, LLC (USA)
BROKER Hunter Hotel Advisors
SELLER Regal Hospitality (USA)
BROKER Hunter Hotel Advisors
SALE TYPE Investment
PARENT CO Marriott Inteernational
DELTA HOTELS BY MARRIOTT WEST PALM BEACH • 1301 BELVE...
West Palm Beach Submarket • West Palm Beach, FL 33405
SALE DATE Dec 2023
SALE PRICE $16.5M ($82.7K/Room)
OPER TYPE Franchise
HOLD PERIOD 54 Months
ROOMS 199
YEAR BUILT 1987 (Renov 2005)
BUYER Activate Hospitality (USA
BROKER Berkadia MF Investment Services
SELLER AD1 Global (USA)
SALE TYPE Investment
PARENT CO Marriott International
SALE COND Bankruptcy Sale
COURTYARD WEST PALM BEACH AIRPORT 1800 CENTREPARK...
West Palm Beach Submarket. West Palm Beach, FL 33401
SALE DATE Nov 2023
SALE PRICE $20.5M ($199K/Room)
CAP RATE 7.1% (Actual)
OPER TYPE Franchise
HOLD PERIOD 5 Months
ROOMS 103
YEAR BUILT 2001 (Renov 2015)
BUYER MHG Hotels, LLC (USA)
BROKER Hunter Hotel Advisors
SELLER Regal Hospitality (USA)
BROKER Hunter Hotel Advisors
SALE TYPE Investment
PARENT CO Marriott Inteernational
HOLIDAY INN PALM BEACH-AIRPORT CONF CTR. 1301 BELVED...
West Palm Beach Submarket. West Palm Beach, FL 33405
SALE DATE Dec 2023
SALE PRICE $16.5M ($82.7K/Room)
OPER TYPE Franchise
HOLD PERIOD 54 Months
ROOMS 199
YEAR BUILT 1987 (Renov 2005)
BUYER Activate Hospitality (USA
BROKER Berkadia MF Investment Services
SELLER AD1 Global (USA)
SALE TYPE Investment
PARENT CO IHG Hotels & Resorts
SALE COND Bankruptcy Sale