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Miami lodging market fundamentals reach the highest levels in a decade
MIAMI, March 26, 2013 – On behalf of the Blackstone Group, Jones Lang LaSalle’s Hotels & Hospitality Group today announced the firm has closed the sale of the Miami Beach Resort and Spa, located at 4833 Collins Avenue. MBR Waterview LLC, purchased the 18-story, 424-room property for $117 million. The new ownership plans to enhance the hotel which will include a new design concept for the public areas, restoration of meeting facilities, renovated guest rooms, and new food and beverage concepts. In order to minimize disturbance to hotel clients and staff, the hotel plans to continue to operate during restoration.
The 424-room hotel opened in 1963 as the Doral Beach Hotel, the sister hotel to the Doral Country Club. It was long considered the most elegant and luxurious hotel on Miami Beach, winning several of the coveted Mobil Five Star awards and represented a home away from home for movie stars and presidents. The property is ideally situated on Miami Beach and the Intracoastal Waterway, giving all rooms waterfront views and includes 40,000 square feet of waterfront meeting space, a spa and fitness center, four food and beverage venues and endless repositioning opportunities to return the asset back to its historic grandeur.
Managing Director Gregory Rumpel and Vice President Andrew Dickey led the Jones Lang LaSalle team on this transaction.
“The sale of the Miami Beach Resort and Spa represented a rare opportunity to acquire one of the last big boxes in Miami. With this acquisition, MBR Waterview LLC, will control one of the most prominent and historic hotels in the market,” said Rumpel. “Given the hotel’s beachfront location, meeting space that is unmatched in Miami Beach and redevelopment opportunities, the possibilities to further the property’s position in the market are endless.”
Miami remains a top market for hotel investors as 2012 delivered the strongest top-line fundamentals the market has seen. In addition, over a 10-year period, Miami has experienced one of the strongest RevPAR compound annual growth rates (6.7 percent) of any major city in the U.S., illustrating its resilience in the lodging sector.
Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory and valuation assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from Jones Lang LaSalle’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group’s app from the App Store.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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