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1 Hotel South Beach is for sale

Florida property management reported that 1 Hotel South Beach is being marketed for sale. 1 Hotel is a LEED-certified hotel and development which opened last year at 2341 Collins Avenue. The hotel was part of a joint venture between Sternlicht’s Starwood Capital Group and LeFrak.
The 426 keys hotel includes 3 Tom Colicchio-branded restaurants, four outdoor swimming pools, a gym and a spa.
There are speculations that when the hotel sells, the total profit gained will exceed the record of the Ritz-Carlton in Key Biscayne which was sold in 2015 for a staggering $325 million.
Several sources believe that hotel’s price will attract foreign investors or large institutional investors. Earlier this June, the Viceroy Miami was sold to Al Rayyan Tourism Investment Company,a Qatari investor for $64.5 million.
During a NYU Hospitality Industry Investment Conference a week ago, Christopher Nassetta, the CEO of Hilton Worldwide said that he expects a high influx of foreign investors in U.S. based hotels from the Middle East. Abu Dhabi Investment Authority acquired Miami Beach Edition from Marriot International for $278 million last year.
Other South Florida hotels that were sold in recent years include the Westin Diplomat Resort & Spa in Hollywood for $460 million last August 2014 and the James Royal Palm in Miami Beach for $278 million last March 2015.

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