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
Q3 2024 | HOSPITALITY REPORT
MIAMI’S HOTEL MARKET REAWAKENS, MIAMI BEACH & DOWNTOWN SET TO SHINE
EXECUTIVE SUMMARY
Miami hotel RevPAR grew by 2.1% in the first three quarters of 2024 as demand accelerated, pushing occupancy levels by 3%. Hotel performance is projected to register stronger growth rates in 24Q4, with RevPAR forecast to grow by roughly 6.1%, mainly driven by strong ADR gains. RevPAR is expected to moderate 2025 to roughly 2%, as robust supply growth will limit occupancy recovery.
Over the prior year, increased competition and supply-induced occupancy declines eroded Miami’s pricing power, particularly among leisure visitors and travel patterns favoring urban markets, outbound international travel, and cruises. This trend was reversed in 2024 as several well-attended events, created additional demand and drove growth in occupancy levels.
Miami’s beautiful beaches, particularly South Beach, attract millions of leisure travelers. The city’s tropical climate and beachfront hotels make it a year-round destination and a major gateway for Latin American and European travelers. As one of the world’s busiest cruise ports, Port Miami brings in pre- and postcruise travelers who often stay in hotels for a few nights before or after their cruise.
Miami also serves as a financial hub, particularly for Latin America. The city is home to numerous international companies, drawing business travelers for conferences, meetings, and conventions. The Miami Beach Convention Center is a major venue that hosts various large-scale events. Major cultural events like Art Basel, Miami Fashion Week, and the Miami International Boat Show significantly increase
SOURCE: COSTAR
hotel bookings during those times. The city’s vibrant nightlife and entertainment scene also attract visitors year-round.
Nearly 2,000 rooms are scheduled to open over the next two years, approximately 1,000 each year. The Miami Beach Submarket accounts for more than half of the rooms expected to open in 2024, including the 150-room Luxury Thompson South Beach, scheduled to open in 24Q3.
Sales activity has held up well during the first nine months of 2024, approaching full-year 2023 sales. However, one transaction accounted for 60% of total sales.
Miami-based Gencom acquired the 423-room Ritz-Carlton Key Biscayne hotel in January 2024 in a partial interest transfer that valued the property at $400 million ($1.4 million/key).
If that sale were removed from the 2024 sample, then sales would have been dramatically lower, a theme consistent in many of the top 25 US Markets.
CMBS data shows that of the 22 hotels with debt maturing by December 2025, two are in special servicing, and twelve are on the watchlist. Market participants expect a meaningful increase in the number of banking institutions, forcing borrowers to sell as they redistribute their capital.
MARKET REPORT
ADR BY CLASS
MARKET ACTIVITY
Sales volume in the Miami market maintained momentum during the first nine months of 2024, reaching $654 million, closely trailing full-year 2023 sales. However, sales volume was mainly driven by a single transaction, which accounted for 60% of total sales volume.
Although the market continues to see a few significant sales, the number of trades in Miami slowed over the past year due to elevated interest rates and tighter lending standards.
Hotel sales in Miami continue to be headlined by Upper Upscale and Luxury trades. In January 2024, Miamibased Gencom retook majority ownership of Ritz-Carlton Key Biscayne from Brookfield Asset Management in a partial interest transfer that valued the property at $400 million ($1.4 million/key). This latest acquisition gave Gencom full ownership of the property, which is planning a $100 million renovation program.
The second largest sale took place in June 2024, when the 118-room North Bay Inn Miami was sold to Continuum Company, LLC, a private developer, for $73.5 million (623,000/key). The acquisition price also included the adjacent Shuckers Waterfront Bar & Grill restaurant. The buyer acquired the hotel from Jesta Group, which planned to redevelop the property into a mixed-use hotel and apartment project. Plans were approved for the project in 2023.
OCCUPANCY BY CLASS
TOP BUYERS PAST 12 MONTHS
Distress sales have yet to emerge despite concerns about the cost of refinancing a maturing loan at current interest rates. The market features 22 properties tied to CMBS loans maturing by December 2025, including two in special servicing and ten on the watchlist.
The Breakwater Hotel South Beach is collateral on a loan that was re-transferred to special servicing due to a judgment lien attached to the borrower. The loan, which matures in September 2024, remains current and the borrower has requested a one-year loan extension.
The Courtyard Miami Airport West Doral is the second property currently in special servicing due to a maturity default in July 2023 and has been in foreclosure status since April 2024.
Market participants expect the sales environment to improve in 2025 as additional rate cuts from the Federal Reserve materialize.
OUTLOOK
Room openings in Miami are ramping up following a brief slowdown in 2023. More than 1,100 rooms, 50% located in the Miami Beach Submarket, are scheduled to open by the end of 2024. This compares to 423 in 2023, the second-lowest number in a year since 2014.
The slowdown in 2023 was an abrupt change from several years of robust growth. From 2016 to 2022, an average of 1,650 rooms opened annually, including more than 2,000 in 2018 and 2022. There are 16 properties with approximately 2,500 rooms under construction in Miami, roughly 4% of the market’s existing room inventory. For comparison, rooms under construction in the top 25 hotel markets account for 2.8% of the total inventory.
The focus of hotel openings will shift to the Downtown Submarket in 2025. In addition to the Dream Miami at Riverside, openings in 2025 include the 219-room Legacy Hotel & Residences at Miami Worldcenter. The Waldorf Astoria Miami and Treehouse Brickell are also under construction in the Downtown Submarket and are expected to open in 2027.
Projects in final planning include over 3,300 rooms with opening dates in 2026 and another 1,300 rooms with opening dates in 2027, led by the 800-room Grand Hyatt Miami Beach Convention Center. The Grand Hyatt is scheduled to begin construction in early 2025 and open in 2027 as the new headquarter hotel for the Miami Beach Convention Center.
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
W SOUTH BEACH | 2201 COLLINS AVE
Miami Beach Submarket | Miami Beach, FL 33139
SALE DATE Oct 2024
SALE PRICE $400M ($1.2M/Room)
OPER TYPE Chain Management
HOLD PERIOD 45 Months
ROOMS 346
YEAR BUILT 2008 (Renov 2020)
BUYER Reuben Brothers (CHE)
BROKER Eastdil Secured, LLC
SELLER RFR Realty LLC (USA) +1
SALE TYPE Investment
PARENT CO Marriot International
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 1972 (Renov 2017)
BUYER The Continuum Company,... (USA)
SELLER Jesta Group (CAN)
SALE TYPE Investment
REGENCY MIAMI AIRPORT BY SONESTA | 1000 NW 42ND AVE
Miami Airport Submarket | Miami, FL 33126
SALE DATE Aug 2024
SALE PRICE $36M ($204.5K/Room)
OPER TYPE Franchise
HOLD PERIOD 60 Months
ROOMS 176
YEAR BUILT 1982 (Renov 2023)
BUYER MG Developer Miami (USA)
SELLER OPB Ventures (USA)
SALE TYPE Investment
PARENT CO Sonesta International Hotels Corp
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
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
SOURCE: COSTAR
Broward County
Q3 2024 | HOSPITALITY REPORT
BROWARD HOTELS CONFRONT PERFORMANCE WHILE CONVENTION CENTER AND AIRPORT EXPANSION POISE TO SPARK REVIVAL
EXECUTIVE SUMMARY
Hotel performance in Fort Lauderdale continued the negative trend in 24H1, recording a 2.4% decline, due to increased competition for domestic travelers and softer economic growth impacting budget-oriented travelers. Rate declines have been the main driver in this negative performance. The current outlook for 2024 shows a moderation of this trend with RevPAR for calendar year 2024 slightly negative at 0.2% as ADR stabilizes. RevPAR growth driven by rate increases in the Fort Lauderdale/Beach and Hollywood/Airport areas will compensate for declines in other submarkets.
Group and business transient demand is supported by the Greater Fort Lauderdale, Broward County Convention Center, which is currently undergoing a $1.3 billion expansion, is slated for completion in late 2025. The expansion will add an additional 525,000 of meeting space and an 801-room Omni Fort Lauderdale headquarters hotel. The convention center is also home to the Fort Lauderdale International Boat Show, the largest in-water boat show in the world, attracting over 100,000 attendees.
Passenger traffic at Fort Lauderdale-Hollywood International Airport (FLL) continues to recover. Following an 11% increase in 2023, reaching 35.1 million passengers, a 96% recovery to the record 36.7 million in 2019, YTD through February data shows an additional 6% increase over the prior year. A new $404 million terminal is currently under construction slated for a mid-2026 completion.
SOURCE: COSTAR
Fort Lauderdale currently has four hotels, with 1,185 rooms in construction, or 3% of the existing inventory. The pipeline is driven by the 801-room Omni hotel that will be connected to the Convention center and is expected to open in 2025. A 97-room Tru by Hilton Hotel is expected to open in 2024 in the Hollywood/Airport area and the balance in 2025. There are an additional 2,482 rooms in final planning or 6.3% of the existing rooms inventory.
The market’s challenging recent performance and tighter lending standards contributed to a dramatic decrease in sales activity during the first six months of 2024. Sales volume in 24H1 decreased by over 80% compared to the prior year.
MARKET REPORT
MARKET ACTIVITY
Following a strong sales volume in 2023, hotel sales in Fort Lauderdale decreased dramatically in 24H1 to $165 million, a steep 80% decline over the prior year. Fort Lauderdale’s recent negative operating performance and challenges related to high interest rates and stricter lending standards, has limited investment opportunities. Moreover, the aftermath of hurricane damage in 2022 and 2023 led to a substantial hike in property insurance costs, which may have deterred some potential buyers from investing in Florida’s hotel market
In March 2024, the sale of the 435-room W Hotel Fort Lauderdale to BRE Hotels & Resorts LLC, an affiliate of Blackstone Inc. from Related Companies for $153.2 million ($352,000 /key) accounted for over 90% of the sales volume in 24H1. Renovated in 2020, the 24-story property sits on a 5.29-acre parcel with beach-front access. The W Hotel offers direct beach access, an on-site restaurant, spa, retail, fitness center, and 35,000 square feet of meeting space
The second largest sale was a 126-room Hyatt Place Fort Lauderdale/Plantation for $7 million ($55,500/key). In June 2024, SSN Hotels, a regional developer, acquired the property from a private individual
OCCUPANCY BY CLASS
Occupancy By Class
TOP BUYERS PAST 12 MONTHS
Despite concerns about the cost of refinancing maturing debt at current interest rates, Fort Lauderdale has had no distress sales. Thirty properties are in the market tied to CMBS loans maturing by December 2025, including two in special servicing and 16 on the watchlist.
OUTLOOK
Fort Lauderdale’s hotel construction has experienced a decline in room openings since 2021, and this trend will continue in 2024 with only one hotel opening. The 1,185 rooms under construction or 3% of the existing rooms inventory are driven by the 801-room Omni hotel that will be connected to the Convention Center owned by Broward County
SUBMARKET SALES TRANSACTIONS PAST 12 MONTHS
government. The new Omni is expected to open in 2025 and will be the largest hotel in Fort Lauderdale and the third largest in Broward County, behind the 1,271 room Seminole Hard Rock Hotel & Casino Hollywood and the 1,000-room Diplomat Beach Resort, Curio Collection by Hilton. In comparison, hotels under construction nationwide account for 2.7% of the industry’s total inventory.
Following 2021, when approximately 1,000 rooms opened, the number of room openings slowed down, with only 572 rooms opening in 2022 and 380 rooms in 2023.
The Tru by Hilton Miramar, a 97-room hotel, is the only hotel scheduled to open in 2024 in the Hollywood/Airport area.
Besides the Omni opening 2025, the 140-room Upper Upscale Independent Whitfield Las Olas Hotel & Spa will open in the Fort Lauderdale/Beach area and a Home2 Suites by Hilton Weston Fort Lauderdale, with 147 rooms, in the West Broward/ Plantation area, both scheduled to also open in 202
The hotel pipeline could expand rapidly if rooms in final planning stay on schedule. Nearly 2,482 rooms are in final planning with 2,196 have target opening dates in 2026 . The majority of rooms in final planning, roughly 90% are targeting 2026 opening dates. Among the 18 properties scheduled to break ground in 2026, three are full-service hotels, two of which in the Luxury class category.
The 60-room Auberge Shell Bay Club & Resort is expected to open in 2026, 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.
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 2009 (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...
DAYS INN BY WYNDHAM FORT LAUDERDALE AIRPORT | 1700...
West Broward/Plantation Submarket | Fort Lauderdale, FL 33312
SALE DATE Oct 2024
SALE PRICE $17M ($118.1K/Room)
OPER TYPE Franchise
HOLD PERIOD 20+ Years
ROOMS 144
YEAR BUILT 1983 (Renov 2012)
BUYER AIDS Healthcare Foundati... (USA)
BROKER Marcus & Millichap
SELLER Jalaram Investments (USA)
BROKER Colliers
SALE TYPE Investment
PARENT CO Wyndham Hotels & Resorts
SALE COND Redevelopment Project
LA QUINTA INN & SUITES BY WYNDHAM PLANTATION | 7901...
Wellesley Corporate Plaza | West Broward/Plantation Submarket | Plant...
SALE DATE Dec 2023
SALE PRICE $14.5M ($139.4K/Ro...
OPER TYPE Franchise
HOLD PERIOD 21 Months
ROOMS 104
YEAR BUILT 1990 (Renov 2016)
BUYER Mid America Lodging Gro... (USA) +1
SELLER Highgate Hotels L.P. (USA)
SALE TYPE Investment
PARENT CO Wyndham Hotels & Resorts
LA QUINTA INN & SUITES BY WYNDHAM SUNRISE | 13600 N...
The Gateway at Sawgrass | West Broward/Plantation Submarket | Sunri...
SALE DATE Dec 2023
SALE PRICE $10.6M ($102.4K/Ro...
OPER TYPE Franchise
HOLD PERIOD 21 Months
ROOMS 103
YEAR BUILT 1994 (Renov 2008)
BUYER Hemalkumar Patel (USA)
SELLER Cerberus Capital Manage... (USA) +1
BROKER Berkadia
SALE TYPE Investment
PARENT CO Wyndham Hotels & Resorts
LA QUINTA INN & SUITES BY WYNDHAM SUNRISE | 13651 N...
West Broward/Plantation Submarket| Sunrise, FL 33325
SALE DATE Dec 2023
SALE PRICE $10.6M ($101.4K/Ro...
OPER TYPE Franchise
HOLD PERIOD 21 Months ROOMS 104
YEAR BUILT 1995 (Renov 2008)
BUYER Dipen Patel (USA)
SELLER Cerberus Capital Manage... (USA) +1
BROKER Berkadia
SALE TYPE Investment
PARENT CO Wyndham Hotels & Resorts
Palm Beach County
Q3 2024 | HOSPITALITY REPORT
PALM BEACH HOTELS FACE SLOW GROWTH; MODEST RECOVERY EXPECTED TO CLOSE 2024
EXECUTIVE SUMMARY
Hotel performance in the Palm Beach market has slowed during the past 12 months through September, and RevPAR declined by 0.9%, due to increased competition for domestic travelers, supply growth, and economic headwinds impacting budget-oriented travelers. The current outlook for 2024 shows the continuation of this trend, with RevPAR expected to post a 1.3% decline driven by occupancy declines.
Over the last couple of years, travel patterns favored outbound international travel and cruises. Economic headwinds are also affecting hotel performance in Palm Beach. The excess savings accumulated during the pandemic are being depleted, leaving consumers more exposed to inflation pressures and higher interest rates.
The Palm Beach market is experiencing a period of below-average growth in its room inventory. In the past 12 months, 160 hotel rooms in 1 hotel opened. Room deliveries are accelerating in 2024 after two relatively quiet years.
There are 5 hotels under construction in Palm Beach totaling 710 rooms, representing 3.7% of the market’s existing inventory. For comparison, rooms under construction nationally represent 2.6% of the total industry inventory.
SOURCE: COSTAR
Hotel investment volume has slowed in the Palm Beach market, similar to national trends. In the past 12 months, only 6 hotels traded, achieving a cumulative sales volume of approximately $462 million. Only three hotels were sold in 2024 YTD through July. The three-year annual sales volume average is $211 million for the market, highlighting the changing investment trends.
MARKET REPORT
MARKET ACTIVITY
Rising interest rates and tighter lending standards have impacted hotel sales in Palm Beach, and there is some concern that the escalating cost of property insurance may become another deterrent to hotel sales in Florida. The primary reason for the cost increase is widespread damage from Hurricane Ian in 2022 and Hurricane Idalia in 2023.
As a result, sales activity has slowed. As of July 2024, there have been 4 hotel trades. Six hotels were traded in 2023 versus an average of 17 trades in the market during a typical year.
Sales typically concentrate 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.
As of July 2024, the most significant sale was the 128-room Courtyard Palm Beach Jupiter in the West Plam Beach Submarket, which sold for $20.9 million ($163,000/key). Reportedly, the property traded with an in-place cap rate of 7%. The four-story property is across from the Roger Dean Chevrolet Stadium) The buyer, JW Marriott Family Enterprises, plans
OCCUPANCY BY CLASS
to renovate the property and continue with Marriott International as the hotel management company. If interest rate cuts occur later than expected, the cost to refinance maturing CMBS loans at current interest rates could trigger hotel sales over the next year. Thirteen properties in Palm Beach are tied to CMBS loans maturing by December 2025. Seven properties are on the current watchlist for potential distress, and one is in special servicing.
OUTLOOK
Room deliveries are accelerating in 2024 after two relatively quiet years. There are 5 hotels under construction in Palm Beach totaling 710 rooms, which represents 3.7% of the market’s existing room inventory.
SUBMARKET SALES TRANSACTIONS PAST 12 MONTHS
For comparison, rooms under construction nationwide represent 2.6% of the total US room inventory.
Less than 300 rooms were delivered over the prior year and no rooms opened in 2022.
Notable additions to the supply include the recent opening of the 155-room Luxury Amrit Ocean Resort & Residences hotel in June in the West Palm Beach Submarket and the anticipated opening of the 163room Mandarin Oriental Boca Raton, currently under construction, scheduled to open in 25Q1.
Hotel construction in Palm Beach could accelerate if development projects stay on schedule. More than 1,000 rooms are in final planning, with opening dates in 2026. However, delays are possible due to higher interest rates and tighter lending standards on construction financing.
The 130-room Tribute Portfolio West Palm Beach Downtown and the 201-room Nora District Hotel are two projects in final planning with opening dates in 2026. The Tribute Portfolio West Palm Beach and the Nora District Hotel are scheduled to break ground in 24Q4. West Palm’s Nora District is a 15-acre project along North Railroad that is being compared to the Wynwood Arts District in Miami. The district features will include a combination of new buildings, adaptive reuse of former warehouses, and an enhanced pedestrian streetscape.
SOURCE: COSTAR
EAU PALM BEACH RESORT & SPA | 100 S OCEAN BLVD
Boca Raton Submarket | Lantana, FL 33462
SALE DATE Aug 2024
SALE PRICE
$317M ($1M/Room
OPER TYPE Independent
HOLD PERIOD 20+ Years
ROOMS 309
YEAR BUILT 1991 (Renov 2021)
BUYER Lawrence Investments, LLC (USA)
SELLER Blue Coast Capital, Inc. (USA)
BROKER Eastdil Secured, LLC
SALE TYPE Investment
THE RAY HOTEL DELRAY BEACH, CURIO COLLECTION | 233 NE...
Boca Raton Submarket | Delray Beach, FL 3344
SALE DATE Sep 2024
SALE PRICE
$57.7M ($409K/Room
OPER TYPE Franchise
HOLD PERIOD 34 Months
ROOMS 141
YEAR BUILT 2021
BUYER Certares (USA) +1
SELLER Menin Development, Inc. (USA)
BROKER Hodges Ward Elliott, Inc.
SALE TYPE Investment
PARENT CO Hilton Worldwide
SALE COND Debt Assumption
COURTYARD PALM BEACH JUPITER • 4800 MAIN ST
West Palm Beach Submarket • Jupiter, FL 33458
SALE DATE Jul 2024
SALE PRICE $38M ($296.9K/Room)
CAP RATE 6.2% (Actual)
OPER TYPE Chain Management
HOLD PERIOD 126 Months
ROOMS 128
YEAR BUILT 2014
BUYER JWM Family Enterprises, LP (USA)
SELLER Finvarb Group (USA)
BROKER Hunter Hotel Advisors
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
SOURCE: COSTAR
