The hotel sector was among the the most difficult strike sectors of the coronavirus pandemic in 2020, ensuing in numerous homeowners scrambling to endure.
Immediately after quite a few resorts laid off the the vast majority of their workers in March and subsequent months, a variety of qualities remained shut until the winter season. And some have nevertheless to reopen, as domestic and worldwide travel stays low.
In South Florida, the pandemic led to forbearance agreements with creditors, some foreclosure filings, new fairness traders, out-of-courtroom UCC foreclosures, merging of possession, and houses hitting the sector. For houses promoted for sale – possibly on the marketplace or quietly amongst brokers – pricing is an additional problem, as quite a few sellers and opportunistic potential buyers cannot concur on valuations, authorities say. As a consequence, number of inns traded in 2020, and the two premier offers – each individual for $120 million – closed in January, just before the pandemic triggered a significant disruption to the U.S. financial state.
Here’s a search at the top rated 10 lodge product sales this 12 months:
Russell Galbut, WP Carey sell Shelborne South Seaside for $120M
W.P. Carey and Russell Galbut offered the oceanfront Shelborne South Beach front for $120 million in January to a joint venture of King Avenue Real Estate GP, Westdale Attributes and Cedar Capital Companions. The purchasers obtained the majority of the condominium-lodge rooms at the 257-critical rental-lodge at 1801 Collins Avenue in Miami Beach front. W.P. Carey, a true estate expenditure have faith in, and Galbut, a principal of Crescent Heights, bought 218 units.
Lionheart and Jeffrey Dagowitz sell Seagull Lodge Miami Beach front for $120M
Lionheart Money and Actium Enhancement Co. offered the Seagull Lodge Miami Beach front for $120 million, also in January. JHG Holdings Miami Owner LLC, a joint venture in between Lionheart, led by Ophir Sternberg, and hotelier Jeffrey Dagowitz’s Actium, marketed the waterfront lodge to BHI Miami Confined, a Delaware entity led by Nabil Kobeissi. The lodge at 100 21st Street traded two several years following Lionheart and Dagowitz purchased it at auction for $31.1 million, and the property will be redeveloped into a Bulgari hotel.
Banyan Financial commitment purchases Gale Fort Lauderdale resort from Harvey Hernandez
Developer Harvey Hernandez sold the accomplished — but as nevertheless unopened — Gale Lodge in Fort Lauderdale for approximately $23 million in December. Hernandez’s Tiffany Lodge LP offered the 96-vital lodge at 2900 Riomar Avenue on Fort Lauderdale Beach to Atlanta-based Banyan Financial commitment Group. The boutique hotel traded for about $250,000 per space.
Jeff Greene buys resort in Boynton Beach front for $19M
Billionaire West Palm Beach developer Jeff Greene acquired a hotel in Boynton Beach for $19 million. Boulder Hotel Boynton Seaside LLC, led by Malcolm Berman of Delray Seashore, marketed the 171-vital Courtyard By Marriott Boynton Seaside at 1601 North Congress Avenue for $111,000 for each place.
Privé Team snags hotel in the vicinity of Fort Lauderdale airport for $17M
Privé Team obtained a Hampton Inn near Fort Lauderdale-Hollywood International Airport for $17.3 million. Richmond, Virginia-based mostly Apple Hospitality REIT marketed the Hampton Inn Fort Lauderdale Airport North Cruise Port to North Miami Seashore-primarily based Privé, led by Javier Rabinovich and Mariano Karner. The 109-critical resort at 2301 Southwest 12th Avenue traded in January for $158,000 per critical, records display.
Estate Businesses buys shuttered Hialeah Ramada for $15M
Condominium developer The Estate Providers acquired a previous Ramada Inn in Hialeah.
The developer compensated $15.3 million for the 5-acre residence at 1950 West 49th Street. Residence data exhibit UCH1 LLC, Miami Corporate Partners LLC, Bidart Dairy II LLC, Kern land Associates LLC and Kern Land Holdings LP ended up the sellers. The 258-space resort last sold in 2014 for $13.5 million. City Commons, a Los Angeles-dependent serious estate expense and progress firm, owned 45 p.c of the home by way of affiliate UCH1 LLC.
Blackstone sells Marriott hotel in Boca Raton
Blackstone Team offered a Residence Inn by Marriott in Boca Raton for $14.25 million to a group of South Florida investors who plan to redevelop it into a mixed-use undertaking.
The New York-primarily based personal fairness big sold the 120-area extended-stay hotel at 525 Northwest 77th Road to Shane Neman, principal of Neman Ventures and Richard Waserstein and Mauricio Bello of Waterstone Capital. The deal equates to $118,750 for every vital.
Embattled Sixty Sixty apartment-hotel’s units in Miami Seaside provide for $11.5M
Schecher Group marketed 65 models at the Sixty Sixty lodge in Miami Beach for $11.5 million to Integra Investments. The rental-lodge at 6060 Indian Creek Drive was the moment the issue of a intense foreclosures fight. The offer gave Miami-primarily based Integra a vast majority of the units at the resort. Ballestas stated in November that the corporation and its husband or wife, Sagar Desai of Miami-dependent Activate Hospitality, prepared to full improvements and relaunch the resort following period.
Motel 6 in Lantana sells to Hare Krishna enterprise for $6M
The Hare Krishna Lantana Hotel firm bought a Motel 6 for $8.4 million in January.
Carrollton, Texas-dependent G6 hospitality sold the 154-device motel at 1310 West Lantana Road to Hare Krishna Lantana Hotel, managed by Vijay Patel. It previous traded for $5.7 million in 2012, records present.The Motel 6 sits on 3 acres off of I-95 around West Lantana Highway and was formulated in 1988. G6 Hospitality was established by William Becker and Paul Greene in 1962. The firm owns, operates, and franchises far more than 1,400 overall economy lodging places underneath the Motel 6 and Studio 6 manufacturers in the United States and Canada and the Lodge 6 model in India.
Previous actor sells Miami Gardens hotel for $6M
A previous actor offered a 103-place lodge in Miami Gardens for $6 million to Great Night Inn and Suite Baymeadow 770 LLC, a organization affiliated with hotelier Yuval Fishman. The Resort Roma Golden Glades Vacation resort at 16805 Northwest 12th Avenue marketed for about $58,000 for each place. The sellers are corporations affiliated with Francisco Martinez Celeiro, who acted in spaghetti western films underneath the identify George Martin, and now operates the Miami-primarily based Pegaso house administration firm with his son, Francisco Martinez-Miyashiki.
Resource: Info furnished by industrial serious estate brokerages these types of as Colliers Intercontinental and verified with sector reviews, general public records and news clippings.