Dear Friends,
As we are well into the second quarter, we are seeing year-over-year improvements from the April-May 2020 pandemic lows.
While there is still uncertainty circling around the potential changes to the 1031 Exchange code and capital gains taxes, here in South Florida we are seeing more buyers than ever looking for hotel properties. If there ever was a time to sell, it's now.
To help you navigate this exciting market, you'll find in this issue:
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Downloadable Multifamily Sale Comps | MAR-APR 2021 for the Boward County area.
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The newest hotel occupancy update & a look at the U.S. Market Recovery Monitor
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A curated selection of the latest market news & trends to help inform your business decisions and strategy
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A selection of my most recent hotel properties for sale in Florida
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Active Immediate Buyer Needs
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Market Insight Report discussing the domestic tourism boom expected after lockdown
In this edition, you will also find a link to the Greater Ft. Lauderdale's Beachside Directory. This guide is a resource for local residents and a way for local businesses to promote their services and establishments. I invite you to list your business, hotel, or restaurant today!
In the meantime, if you know anyone who is considering selling or acquiring a hotel or multifamily property, please send them my way.
Best Regards,
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FOLLOW ME ON LINKEDIN OR FACEBOOK. |
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Premier Hotel Realty
954-543-5411
Director, Greater Pompano Beach Chamber of Commerce
Former Director, Lauderdale-by-the-Sea Chamber of Commerce
Podcast Host: Hotel Happenings with Rick Tobin
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Boward County Multifamily Sales Comps Report | MAR-APR 2021
Wondering how much your property could sell for?
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In this report, you'll find a representative sample of Multifamily property sales in the Boward County area.📍
Check out select properties to get an idea of what properties like yours are selling for.
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Download your copy of my latest Multifamily Sales Comps Report below. |
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In this section, I've curated for you the latest market and industry news and trends to help you stay one step ahead of the curve, plan for what's coming, and create new opportunities within a changing landscape. |
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STR: U.S. Occupancy Remained Flat From the Previous Week |
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U.S. weekly hotel occupancy remained unchanged from the previous week, at 57.3%
Overall industry occupancy will likely remain plateaued until the summer leisure travel boom...
➜ However, there has been a noticeable uptick in weekday occupancy, which points to increased business travel.
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The average daily rate (ADR) was $108.10
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The revenue per available room (RevPAR) was recorded at $61.93
↳The ADR was up slightly from the previous week
- Luxury, Midscale, & Economy classes have each recovered more than 90% of their 2019 ADR levels.
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Among the Top 25 Markets:
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Tampa with 73.7% and Miami with 72.0% experienced the highest occupancy levels
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U.S. Market Recovery Monitor | 24 April 2021 |
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Hotel performance growth appears to be on hold when compared with the solid gains seen during the spring break period.
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Weekly room demand increased slightly, and remained above 21 million for a 6th consecutive week
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Weekend occupancy was above 70%
The emerging story is the gain in weekday occupancy, which has been growing steadily over the last month.
In the past four weeks versus the previous four weeks:
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Weekday demand increased an average of 16%
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Versus a 10% increase on weekends
The percentage of hotels with weekly occupancy above 60% went
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unchanged and remained above 52%.
- Large hotels, 300+ rooms, had the largest weekly occupancy gain week on week of +0.4pt.
However, occupancy stayed low on an absolute basis.
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Room demand for small and medium-sized hotels continued to be strong as these types of hotels have regained 90%+ of the demand they had in 2019 during the past six weeks.
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Occupancy for small to medium hotels was 60% in the fortnight.
Room demand fell across the big three states - Texas, Florida & California.
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Florida had the largest room demand decrease, but weekly occupancy remained solid at 65% (TRI) and among the highest in the country
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Revenue per available room (RevPAR) rose 1% week on week and indexed at 70 when compared with 2019.
Meaning that RevPAR was 70% of what it was in the corresponding week of 2019.
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Thus, the industry is still in the “Recession” stage, as defined by STR.
RevPAR indexed to 2019 has been at or above 70 for the past four weeks
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I am pleased to announce that we've successfully SOLD the Econo Lodge in Palm Harbor, Florida
With multiple offers on the property - I still have buyers looking for hotels!
If you are considering selling, please contact me for a confidential consultation
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How Hotels Can Fill the Office Gap
There's pent-up demand for business travel, and pandemic-wracked hotels have funding options to see them through to the recovery.
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It’s no secret that the hospitality sector has experienced its share of problems since the pandemic began. When vacation travel and business conferences ground to a halt, hotels sat largely empty.
Still, amid this tumult, Alex Cohen, CEO of Liberty SBF, is bullish on lodging moving forward.
Liberty did a lot of hospitality lending through the early and middle part of the last cycle. Then it was more selective, focusing on the specific location and performance of hotels.
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“We’re typically pretty cautious on hospitality as we get toward the top of real estate cycles and business cycles,” Cohen says. “So we were very bullish on hospitality starting in 2011 through 2015 and 2016.”
Right now, Liberty is focusing on assets that are within driving distance to large urban cores.
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Financing Secured for Florida Hotel-to-Multifamily Conversion |
(via GlobeSt) Multifamily developer, the Estate Cos. has secured $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn in Hialeah, FL.
The closed hotel, located on a five-acre site at 1950 W. 49th St., will be transformed into a 251-unit, garden-style apartment community with 5,522 square feet of commercial space.
The four-story multifamily community, titled Alture Westland, will feature 245 studio units and six one-bedroom units, ranging from 340 square feet to 600 square feet. The apartment rents will begin around $1200. ...Continue Reading...
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Hotels and Retail Should Recover Faster Than Expected
Virtually every property type will have a strong tailwind.
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(via GlobeSt) As more Americans are vaccinated, expect certain segments to recover faster over the next 90 days, according to John Chang, senior vice president and director of research services at Marcus & Millichap.
“The property types that will see the impact fastest are hotels and retail, particularly sit-down restaurants, entertainment, venues, and service retailers”.
Other sectors that have struggled through the COVID recession will also see a boost in demand after widespread vaccinations...Continue Reading...
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FEATURED PROPERTY
SureStay by Best Western...
Location, location, location!
5340 N Tamiami Trail | Sarasota, FL 34234
PRICE: $3,500,000
The SureStay by Best Western is excellently located south of Tampa, North of ft Myers, on I-75 in Sarasota, Florida -- Within one mile of the nearest international airport.
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- 44-Rooms with 3 bedroom owner's/manager's suites
- 21,875 SF | 1.97 Acres
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- Prime location with room for development
- Private pool & patio area
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Interested in learning more? Contact Rick for more information.
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FEATURED PROPERTY
Tropical Villas of Venice Beach...
Located "On the Island"
9505 Menendez St | Venice, FL 34285
PRICE: $2,499,000
Tropical Villas of Venice Beach is a rare 10-unit vacation rental property, "on the Island" in Venice Florida, that generates an astonishing +$350,000 in Gross Annual Income!
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- 8,268 SF | 0.43 Acres
- 10 Units
- Private Pool
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- Just 2 blocks south-west of the "main strip" in Venice
- 3 blocks from Venice Beach
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Interested in learning more? Contact Rick for more information.
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Great Escape ...
Steps to Pristine Beaches
4620 N Ocean Dr, Lauderdale-By-The-Sea, FL 33308
PRICE: $2,500,000
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The Great Escape Inn is located in the peaceful town of Lauderdale-by-the-Sea, between the Atlantic Ocean and the Intracoastal Waterway. This 12-unit hotel is located steps from pristine beaches & all that LBTS has to offer!
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- Steps to the Atlantic ocean & pristine beaches
- 12-Units | +5,500 SF
- Close to all that LBTS has to offer!
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- Heated private pool
- Close to the fishing pier, and a surplus of outdoor & water sports/activities
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Interested in learning more? Contact Rick for more information.
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Hotel Seacrest...
Lush Vegetation & Steps To The Ocean
4562 Bougainvilla Dr, Lauderdale-by-the-Sea, FL 33308
PRICE: $2,499,000
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For Sale Again!
Hotel Seacrest offers a secluded and private tropical oasis, with access to all that Lauderdale-by-the-Sea has to offer. Shops, restaurants, and entertainment are all within a short walk from the hotel.
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- Newly remodeled 8-room hotel
- Mature and lush vegetation throughout the property
- Clean and endless beaches stretch for miles!
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- Beautiful private pool
- Amazing location, steps to the ocean, shopping, restaurants & more!
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Interested in learning more? Contact Rick for more information.
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Tourism After Lockdown: Recovery Scenarios
With international and business travel halted, staycations & domestic travel have been the main forces driving the occupancy gains since the beginning of the pandemic.
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In February 2021, STR conducted quantitative research to examine attitudes toward travel in this “new COVID world.”
According to their latest research, the pandemic has certainly not dampened consumer appetite for travel.
Participants were asked about the likelihood that they would travel when all pandemic restrictions are lifted.
The vast majority stated that they
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were as or more likely to travel than before the pandemic, with domestic tourism showing the sharpest increase in interest.
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50% stated they were as likely to travel domestically
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43% responded that they were more likely to travel domestically.
➜ Suggesting that travel has become more important due to COVID-19.
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We have a high number of buyers who are urgently seeking hotel properties in South Florida.
Below are just a few of the many Buyer Wants & Needs that are pouring in!
If you have a hotel property to sell, please get in touch ASAP.
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Join for Facebook Live interview sessions, get exclusive market data, see hotel and restaurant property tours, join our marketing sessions, and more |
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We have one of the largest Florida local community networks on Facebook! |
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Rick is a member and director of the Greater Pompano Beach Chambers of Commerce, and a member and former director of the Lauderdale-by-the-Sea Chamber of Commerce. |
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Developed by CRE HUB at iMedia International for Premier Hotel Realty.
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