Investors Coming Back to Miami Hospitality Business

by Isaac Benmergui, Esq on December 17, 2012

PondInvestors eyeing the rebounding commercial real estate market in Miami are once again venturing into the hospitality business.  As hotel occupancy rises and a steady influx of tourists return to Miami’s beaches, entertainment hotspots and shopping, investors are loosening the purse strings and putting their money into hotels.

Miami Hotel Occupancy at 12-Year High

“This year through September, the average hotel occupancy rate reached 75.9 percent in Miami Beach, a 12-year high,” said Jan Freitag, senior vice president at STR, a hospitality research business, according to the New York Times.

“They don’t make any more beach, and there is a limited number of projects available, so that is creating pent-up demand,” said Christian Charre, president and chief executive of the Charre Group, a Miami company that deals exclusively in hotels, as saying.

The new 140-room SLS Hotel South Beach sits on the site of the former Ritz Plaza. The old Royal Palms has been renovated and will reopen as the James Royal Palm Hotel.  As the economy gains strength, hotels in Miami Beach are bouncing back. Any investment will only appreciate, according to Sam Bakhshandehpour, president of SBE, which owns SLS Hotels.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.comfor more information or to set up an appointment today.

 

 

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