Miami Beach Hotels For Sale Are Back In The Spotlight In 2012: Investors Are In Active Pursuit
Thursday, November 08 2012 @ 09:16 AM MSK
Miami Beach hotels for sale are definitely back in the spotlight once again as real estate investors are aggressively pursuing available opportunities within the world-class city now that its tourism industry is currently on the rise.
Over the decades, the city of Miami Beach has seen numerous developments which are mostly found within beachfront locations along the coast of the Atlantic Ocean. While the economic crash from a few has dampened the tourism industry to a certain degree, there are many indicators that show that the situation is indeed improving.
However, one of the main hurdles being faced by real estate investors is being able to find Miami Beach hotels for sale since the city is now dealing with a limited supply. Nevertheless, real estate investors remain active in the pursuit of existing hotels that are feasible for renovation in the hopes of increasing their value to bring rates up for more profitable business activity.
In November 2012, the former Royal Palm located at 1545 Collins Avenue is set to open as the James Royal Palm Hotel which will offer a total of 393 rooms after the renovations which were made by the KSL Capital Partners based in Denver.
Even the Gansevoort Hotel located at 2377 Collins Avenue is set to change its name after the LeFrak Organization and Invesco Ltd. have decided on spend $100 million on renovations which should be complete by 2013.
Meanwhile, the SLS Hotel South Beach located at 1701 Collins Avenue has already opened in June 2012 after taking on a new name since the historic Art Deco structure formerly known as the Ritz Plaza was acquired in 2009 by its current owners who had purchased the property to expand the roster of properties owned by SBE.
In January 2012, the St. Regis Hotels and Resorts launched its own establishment in the upscale village of Bal Harbour where it offers a combination of guest rooms, suites, and private residences within its trio of 27-story towers.
It seems that the existing demand for accommodation options is sufficient enough to be able to support the development of more hotel renovations and expansions within the city after the recession caused the industry to take a break. Nevertheless, people are optimistic about the renewed strength of the market, particularly when it comes to the market for Miami Beach hotels for sale which has yet to see increasing values in the upcoming months which are sure to generate a consistent flow of money for real estate investors.
As of September 2012, the average occupancy rate for hotels within the city of Miami Beach reached 75.9 percent which is the highest it has been in the past 12 years. Even for accommodation options along Ocean Drive alone, the revenue generated by hotels along the scenic stretch reached a jaw-dropping $63 million in 2011 which marks an increase in total revenue of almost 25 percent from $51 million in 2010.
If you are interested in learning more about the availability of Miami Beach hotels for sale on today’s property market, you may contact a professional real estate agent for further details.