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Case Study

Sale in Downtown Miami

​On behalf of RFR Holding Corp., Jones Lang LaSalle was retained to offer for sale the 241-room Continental Bayside Hotel after an unsuccessful marketing campaign by a competing firm. Located in the heart of Miami’s burgeoning downtown corridor, the Property was offered unencumbered by brand and management.

The 18-floor Hotel was operating as a limited service property and challenges included small room space, no brand affiliation, a reduction in key count and renovation costs equal to that of the sales price.

Jones Lang LaSalle was able to overcome these obstacles through a focused underwriting of the Downtown Miami dynamics and real-time knowledge of the “value-add” investor universe for the area, having sold the Omni Center & Hilton downtown and the Continental South Beach (sister property on Miami Beach) within two months of this assignment. The Insite Group, in a JV with Carlyle Group, prevailed as the buyer at $13.5M.

For more information please contact Gregory Rumpel.

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