MIAMI— On behalf of Royal Polo, LLC, Jones Lang LaSalle’s Hotels & Hospitality Group today announced the firm has arranged the sale of the Royal Polo hotel to Baywood Hotels. Located at 2940 Collins Avenue in Miami Beach, Florida the property consists of a 0.21± acre land parcel developed with a seven-story building.
The hotel is currently in “shell condition” and has been approved for 96 rooms, a full-service restaurant and a lounge. The property was purchased unencumbered by brand and management. Managing Director Gregory Rumpel and Associate Zayli Rodriguez led the Jones Lang LaSalle team on this transaction.
“It’s not every day that a blank canvas opportunity becomes available for development in Miami Beach. Baywood Hotels has the opportunity to complete the development of one of the earliest true Art Deco buildings in the historic district, and capitalize on the current growth cycle,” added Rumpel. "We are excited to be in one of the most robust hotel markets in the country and for the opportunity to develop a premier hotel in South Beach. This acquisition fits perfectly into our long-term growth strategy," said Al Patel, President of Baywood Hotels.
The Royal Polo is located on the northern end of Miami Beach’s famous South Beach neighborhood, and is a short walk from the Atlantic Ocean and 13 blocks north of the Lincoln Road entertainment district. The hotel’s immediate surroundings are expected to be the new “power alley” of hospitality with the upcoming opening of the Miami Beach Edition and the luxury Faena Saxony Hotel located two blocks south of the Royal Polo.
“On pace for another record RevPAR performance for the third straight year, the Miami lodging market continues to outperform and prove to investors and brands that it is a vital market to be in. We saw this first hand in the competitive nature of the Royal Polo offering, and we expect the same strong interest in the Nash Hotel and Cavalier in Miami Beach that we are currently marketing for sale,” added Rodriguez.
Jones Lang LaSalle’s Miami Hotel Investment Sales Team has completed more than $1 billion in transactions in Florida in the last 24 months. Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset.
In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research. For more news, videos and research from Jones Lang LaSalle’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group’s app from the App Store.
About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.