October 29, 2020

These were the top South Florida hotel sales of 2019

| 12/22/2019

South Florida hotels traded for record numbers in 2019, as the industry continued to grapple with competition from short-term rentals and an oversupply of rooms.

“The hotel market in 2019 is really a continuation of a lot of the trends in 2018. There was softness in occupancy in markets with new supply, and in markets where there was not a lot of supply, you saw considerable growth,” said broker Max Comess of Hodges Ward Elliott.

From a transactional perspective, Comess said that 2019 was the year of the family office. Long-term holders such as family offices and real estate investment trusts were the purchasers in some of the biggest deals in the tri-county region, including the top $875 million sale.

Michael Dell’s MSD Partners paid $875 million for the 1,047-room Boca Raton Resort & Spa. That price tag breaks down to $589.7 million for the resort, including furniture, fixtures and equipment, and $285.3 million for the Premier Club. 

More from the Real Deal.

Tags: Real Estate

Florida Business News

Florida Trend Video Pick

Despite COVID-19, the Fort Lauderdale boat show kicks off
Despite COVID-19, the Fort Lauderdale boat show kicks off

For a hospitality industry and service industry struggling to make it through COVID, the 2020 annual Fort Lauderdale International Boat Show promises to bring jobs and an economic boost to Florida and Broward County.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Do you plan to vote early in the 2020 election?

  • Yes
  • No
  • Undecided
  • I do not plan to vote
  • Other (Please share your comments in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2020 Trend Magazines Inc. All rights reserved.