hotel Archives - Rava Realty

Hotels In Miami Are Performing Better Than Any Other Major U.S. Market During Covid

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Occupancy for the month of January was 54.5%, with an average daily room rate of $195.08. Both were the highest of any major market in the U.S. for the month.

In February, Miami continued to post the best number in the U.S.Occupancy was up to 75.8% in the third week of the month.

According to Travel Weekly, oceanfront hotels are doing particularly well, with most beach resorts reporting 80% to 90% on weekends. The numbers are particularly encouraging since ...

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Raleigh condo project approved at 175 feet.

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A key Miami Beach board approved a glassy condo near the Art Deco-style Raleigh Hotel in Miami Beach after the New York developer agreed to trim the height from 200 feet to 175 feet. The Miami Beach Historic Preservation Board voted to approve plans to restore and renovate the Raleigh and neighboring Richmond and South Seas hotels, in the 1700 block of Collins Avenue. The project is expected to cost $750 million.

(source: miamiherald.com)

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Waldorf Astoria condo conversion launches sales

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Waldorf_Astoria

The Waldorf Astoria’s condo conversion continues to move forward. Three years after closing its doors for its transformation, the iconic hotel has launched sales for its 375 condo residences. The new residences will range from studios starting at $1.7 million to four-bedrooms starting at $18.5 million

Back in 2014, the developers bought the Waldorf for $2 billion, and in 2017, ...

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Hotel Properties Remain Hot Hot Hot in South Beach

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Host Hotels paid $610 million for 1 Hotel South Beach, marking a new per-room record for Miami-Dade hotel sales at $1.42 million a key. Barry Sternlicht’s Starwood Capital Group and LeFrak sold the luxury beachfront hotel at 2341 Collins Avenue, according to a press release. Starwood affiliate SH Hotels & Resorts will continue to operate and manage the 429-room hotel.

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