December 12, 2012|Real Estate
Laurus Corp., a private real estate investment and development firm in Los Angeles, connected to the opposite side of the US this week when completed its acquisition of the Sofitel Miami hotel.
The 14-story luxury hotel sits on 10 acres with a total of 281 rooms and has 17,351 square feet of meeting and event space.
Laurus said it plans to spend $4.5m on renovations. The site also includes 1.3 acres which allows for additional development opportunities of either a build-to-suit Class A office building development or an additional 100 guestrooms, said the company.
‘Hospitality is experiencing rapid recovery in Miami and our investment strategy is well-aligned to capitalize on this opportunity,’ said Andres Szita, chairman and co-founder of Laurus Corp. ‘Robust foreign demand and record-level air, cruise and tourist travel to the area will keep the short-term outlook positive. The Sofitel Miami clearly stands above its competition in capturing demand, running a 123.4 percent occupancy index versus the market.
‘The Sofitel Miami acquisition augments our business model of identifying properties which create an opportunity for significant value creation through renovation and operational efficiency,’ said Jean Paul Szita, president and chief financial officer of Laurus Corp.
‘Similar to our recent acquisition of the Hilton Salt Lake City, this property features an attractive location undergoing an economic revitalization and also has substantial potential for enhancement into an institutional quality asset,’ noted Philip Cyburt, chief executive officer of Laurus Corporation. ‘The hotel has run above 80 percent occupancy since February 2007, and Miami’s hotel market posted one of the highest RevPAR growth of any major gateway market in the US during the first quarter of 2012.’
Built in 1986 and renovated in 2000, the hotel is located at 5800 Blue Lagoon Drive, adjacent to Miami International Airport and the Waterford business park.
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