Dear friends,
We are halfway through the first quarter and we have already seen some surprising activity in the hotel property sector. In our area, we're experiencing robust investor interest, relatively decent booking activity, and overall optimism.
In this month's issue, you'll find:
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Downloadable 2020 Hotel Sales Comp Report for the Boward County area
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My latest resource for you in a downloadable PDF, 1031 Exchanges for Hotel Owners- FAQs
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A curated selection of the latest market news & trends to help inform your business decisions and strategy
- A selection of hotel properties for sale in Florida
In addition, I am very excited to share with you that I have launched the Greater Ft. Lauderdale's Beachside Guide! 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 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
Past Director, Lauderdale-by-the-Sea Chamber of Commerce
Podcast Host: Hotel Happenings with Rick Tobin
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1031 Exchanges for Hotel Owners - FAQs |
There is no doubt that the hotel and hospitality industry is experiencing challenges. Hotel conglomerates and owners of all portfolio sizes are making adjustments, selling, and buying to meet the challenges of the new landscape.
Whether you own one property or 100, 1031 exchanges are an essential tool that can save sellers hundreds of thousands if not millions of dollars in taxes upon asset disposition. Download my latest resource for hotel owners, "1031 Exchanges for Hotel Owners | FAQs" now, or contact me for a confidential consultation.
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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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CRE Pricing Nudges Up In January With Higher Hotel Valuations
Green Street analysis predicts pricing uncertainties will clear sooner rather than later.
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Pricing across a variety of property sectors remained flat in January, according to the Green Street Commercial Property Price Index—with the surprising exception of the hotel asset class, which posted unexpected improvements in valuation.
Green Street’s total price index increased by 1.1% in January, an uptick that reflects higher valuations for hotel properties and stagnation in other property sectors. The all-property index remains 7% below pre-pandemic levels.
Peter Rothemund, managing director at Green Street says that when transactions do start “we expect to see more upside surprises than the other way around,” and that uncertainty around pricing should clear over the...Continue Reading
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Hotel Assets Aren’t Going Back to Lenders
Capital is entering the space, which is helping maintain values.
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While the hotel sector has been hit hard by the pandemic, lenders haven’t been in a rush to take back assets.
“The only asset sales that we’ve made for lenders to date have been deed in lieu, where the borrower has essentially handed back the keys and released it from their ownership,” Bob Webster, vice chairman and president, CBRE Hotels Institutional Group, said on CBRE’s “The Weekly Take” podcast. “But in a forced liquidity trade, which is a trade where the lender has to fight for the keys, that hasn’t happened yet.”
A primary reason there hasn’t been more fallout during the pandemic is that there are companies out there providing lifelines, in the form of capital infusions, to owners who are in a difficult liquidity position. “I’ve been very surprised at the magnitude of the liquidity in the space, looking to acquire hotels...Continue Reading
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The new hotel trend: Rent a room for a day (and no, not for what you’re thinking)
Hotels pitch guest rooms as remote offices during business hours
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If you’re tired of battling your roommates for bandwidth during your umpteenth work Zoom call or you just need a break from hunching over your laptop in your bedroom (aka your “home office”), there’s a new remote workspace to consider: a hotel room. |
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Rooms you can rent by the day or by the hour usually get a bad rap, but the newest travel and hospitality pandemic pivot is trying to flip that unsavory stereotype on its head...Continue Reading
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STR: U.S. occupancy holds steady as January ends |
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U.S. weekly hotel occupancy remained relatively flat from the previous week, according to STR‘s latest data through Jan. 30.
For the week of Jan. 24-30, occupancy held steady at 40.4, down 29.6 percent from the comparable week in 2020 but flat week over week.
Average daily rate was $89.62, down 29.8 percent, while revenue per available room was $36.23, down 50.6 percent.
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Top Markets | Aggregate data for the top 25 markets showed lower occupancy (38.4 percent) but higher ADR ($95.50) than all other markets.
Tampa/St. Petersburg, Fla. (58.2%), reported the highest occupancy level among the top 25 markets.
Top 25 markets with the lowest occupancy levels for the week included Oahu Island, Hawaii (22.8%), and Minneapolis/St. Paul/Wisconsin (27.7%).
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2020 Boward County Hotel Sales Comps Report | JAN-DEC
Wondering how much your property could sell for?
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In this report, you'll find a representative sample of sales comps for hotel properties 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 Hotel Sales Comps Report below. |
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FEATURED PROPERTY
Sunrise Sands Beach Resort...
The Only Beachfront Hotel For ~14 Miles
110 S Ocean Dr, Fort Pierce, FL 34949
PRICE: $6,500,000
Nestled on South Hutchinson Island between Palm Beach and Melbourne, the Sunrise Sands Beach Resort is located in the heart of Fort Pierce, FL.
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- Oceanfront beach access
- 23-rooms, equipped with refrigerator, microwave, and small sink
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- Onsite restaurant with a large commercial kitchen, 3 indoor bars & an outdoor dune bar
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Interested in learning more? Contact Rick for more information.
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Sea Steps Suites...
Blocks From The Pier
717 S Ocean Blvd, Pompano Beach, FL 33062
PRICE: $4,750,000
Seven blocks from the Pompano fishing pier, boardwalk, and restaurants, Sea Steps Suites is just steps to the sand and sparkling blue Atlantic Ocean. This is paradise!
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- Updated and charming 32-room operating hotel
- Prime location on Ocean Blvd in Pompano Beach
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- Beautiful courtyard set back from the road, making the large pool & deck area extremely comfortable
- Great flow and feel! Must see!
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Interested in learning more? Contact Rick for more information.
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The Palmer Inn & Tennis Club...
Tennis Club & Resort for under $2.5M
3220 S. Fiske Blvd, Rockledge FL 32955
PRICE: $2,499,000
This 5-acre turnkey boutique property, tennis club, and eatery is the only full-service boutique tennis resort in the state. Located close to the beach, major sporting complexes, Kennedy Space Center & more!
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- 20-Unit boutique resort with private owners suite
- USTA certified tennis club with 6 Har-tru Clay tennis courts & pro shop
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- Private pool & natural water features throughout the property
- Property averaging 10%-15% growth in all areas YOY
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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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We have a high demand from buyers who are urgently seeking hotel properties in Florida, Texas, California & Colorado.
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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Did you find this newsletter useful?
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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 both the Lauderdale-by-the-Sea and Greater Pompano Beach Chambers of Commerce. Join him at an upcoming event!
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Developed by CRE HUB at iMedia International for Premier Hotel Realty.
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