Discussion in 'Miami Real Estate, Construction And Architecture' started by langbro, Nov 2, 2012.
Gale Hotel off Lincoln Rd
Actual (this morning):
Hotel Investors Head to Miami Beach as Tourism Rebounds
By MATT HUDGINS
Published: November 6, 2012
Real estate investors seem to be flocking to Miami Beach, in hopes of capturing part of the market’s resurgent tourism industry by acquiring, or by expanding their investments in, the limited supply of hotel properties.
Decades of development have built up most of the potential hotel sites in Miami Beach, and virtually all of the beachfront or near-beachfront hotels on the Atlantic Ocean side of Miami Beach fall within one of several historic preservation districts. Those factors make new construction a rarity. Instead, investors seeking a piece of the hospitality pie typically acquire one of the many hotel properties on or near the waterfront and renovate to increase value and command higher room rates.
As Miami-Dade hotel market booms, more players want in
By Hannah Sampson
A birds-eye view atop a Collins Avenue construction site shows the past, present and future of South Beach, set to a symphony of construction noise.
The trailblazing Delano, which revitalized the destination in 1995 and is now being marketed for sale after an $11 million renovation, is flanked by the historic National Hotel, in the midst of a major restoration, and the Philippe Starck-designed SLS, formerly the Ritz Plaza, which opened in June after eight years and about $85 million.
“Miami is a hot market now, so it’s hard to get a hotel,” said Keith Menin, principal of Menin Hotels, which is developing the latest — but certainly not last — addition to the busy scene. The company’s 87-room Gale South Beach & Regent Hotel at 1690 Collins Ave. is set to open in early December, more than a year after finishing most of the renovations on the family-owned Shelborne just up the road.
After a recession-fueled pause, when visitor numbers dropped and financing dried up, Miami-Dade is in the throes of a hotel buying-and-building boom. Or, more appropriately, a re-building boom.
The long-awaited debut of the James Royal Palm hotel in Miami Beach will have to wait a little longer.
An ceremony that was scheduled for Wednesday has been postponed, new date unknown, while the hotel awaits a final round of inspections from the city and a temporary certificate of occupancy.
The James Royal Palm is now open.
I believe that the Gale is pushed back until early December.
architect jon cardello of add
james royal palm 17th floor suite
James Royal Palm is having a private grand opening party today.
The Freehand (designed by Roman and Williams) set to open Nov. 30
Hilton Cabana Miami Beach, a hotel currently under construction in the 6200 block of Collins Avenue has been sold to NYSE-listed RLJ Lodging Trust for $72 million.
In addition to the Gale hotel which is now open, another newly renovated hotel will open soon down the block at 1776 collins avenue in miami beach
Edelestein (W South Beach) and Nazarian (SLS Ritz Plaza) have completed the purchase of the Raleigh for $55 million.
They plan to add up to 70 rooms if the MB Historic Preservation Board permits.
They also aim to expand the brand internationally.
Separate names with a comma.