Dear Friends,
Activity in the Hotel sector is picking up. And here in Florida, we are seeing those trends magnified. Assets are quickly changing hands and multi-family conversions are on the rise--creating some unique, once-in-a-lifetime kind of opportunities.
Don't let this market slip away!
To help you navigate this exciting market, you'll find in this issue:
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Downloadable Hotel Sales Comps | Q3 2021 for the Broward County area.
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The newest Hotel Occupancy Update & a look at the top-performing markets
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A curated selection of the latest hotel market news & trends to help inform your business decisions and strategy
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A selection of my most recent properties for sale
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Active Immediate Buyer Needs
If you know anyone who is considering selling or acquiring a hotel or multifamily property, please send them my way. We have buyers ready and waiting.
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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➜ If this was forwarded by a friend, you can sign up to get on our email list here!
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Broward County Hotel Sales Comps Report | Q3 2021
Wondering how much your property could sell for?
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In this report, you'll find a representative sample of Hotel property sales in the Broward 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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STR: U.S. Hotel Occupancy Update
Week | 17 - 23 October 2021
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U.S. weekly hotel occupancy is currently sitting at 63.9%.
➜ While occupancy dipped a percentage point week over week, room rates rose slightly
🔹 The average daily rate (ADR) was recorded at $134.14
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A -0.6% decrease from 2019
🔹 The revenue per available room (RevPAR) was $85.74
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A -9.6% increase from 2019
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Among the Top 25 Markets:
Tampa Came closest to its 2019 occupancy, ADR, and RevPAR comparables:
🔹Occupancy
🔹ADR
🔹RevPAR
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Apartment Conversions Come Roaring Back
Of those slated for construction, 42% are former office buildings.
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(via GlobeSt) Apartment conversions are mounting a serious comeback, with more than 20,100 such projects set to be finalized this year.
That’s more than double the number of conversions that were completed in the past two years combined.
Of those slated for construction, 42% are former office buildings,
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accelerating a trend analysts first noted in the 2010.
Former office buildings a quarter of projects in which more than 52,700 units are expected to become available in 2022, according to a RentCafe analysis of Yardi Matrix data. Continue Reading...
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A Huge Demand for Housing Leads to a Spike in Multifamily Conversions
Developers are on pace for a record year of deliveries in adaptive reuse projects turning other property types into apartments.
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(via WealthManagement) Apartment developers will create more new apartments in 2021 in old office, retail and hotel buildings than any time in last decade.
The pandemic didn’t slow down apartment developers who adaptively reuse old buildings.
Rising apartment rents allow investors to spend more to buy and redevelopment old buildings—income from the finished apartments should eventually pay for the high cost of development. Continue Reading...
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Record Number Of Commercial Spaces Converted Into Apartments This Year
Commercial space is being converted to multifamily residential space at a record pace nationwide, according to a new report by RentCafé.
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(via BizNow) By the end of 2021, about 20,100 units that were previously nonresidential will have become apartments this year, the report notes, roughly twice as many commercial-to-residential conversions as in 2020 and 2019 combined.
Obsolete office buildings are the focus of conversion to apartments more than other property types, according to the report. During 2020 and 2021, 41% of rental apartments created through adaptive reuse were formerly. Continue Reading...
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FEATURED PROPERTY
Deerfield Beach Multi-Use Building...
Rare Zoning Opportunity
49 S Dixie Hwy, Deerfield Beach, FL 33441
PRICE: $1,997,000
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Interested in learning more? Contact Rick for more information.
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Shore Haven Resort Inn...
Steps to Golden Sand Beaches!
4433 N Ocean Dr | Lauderdale-by-the-Sea, FL 33308
PRICE: $21,000,000
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Interested in learning more? Contact Rick for more information.
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225-Acre Beachfront Land in Puerto Rico...
Amazing Opportunity in Beautiful Puerto Rico
Aguada/Aguadilla, Puerto Rico, 00603
PRICE: $2,500,000
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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: $2,595,000
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Interested in learning more? Contact Rick for more information.
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We have a high number of buyers who are urgently seeking hotel properties in 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!
Join our new Hollywood Beach Happenings group! ➜
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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