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South Florida’s biggest hotel sales of 2022

South Florida’s biggest hotel sales of 2022
Confidante Miami Beach (Hyatt, Getty) via www.therealdeal.com

Miami Beach claimed six of hospitality’s 10 priciest deals this year

It was a good year to be in the hospitality business in South Florida.

After a pandemic-induced nosedive in travel, visitors returned to the region in 2022 in a big way. Tourism jumped 15.3 percent compared to last year, according to Visit Florida. The Greater Miami Visitors Convention & Bureau reported that as of October, Miami-Dade’s year-to-date occupancy rate was 72.2 percent, up from 65.7 percent during the same period last year.

The industry group’s reported average room rate for the same period was $251, up from $211 in 2021.

Investors took note, and a number of hotel properties traded hands in 2022. Still, none of the prices topped the $270 million sale of the Jimmy Buffet-inspired Margaritaville Hollywood Beach Resort that ranked as last year’s biggest hotel sale in South Florida.

Leading this year’s top 10 list of sales: Sunstone Hotel Investors’ $232 million purchase of the Confidante Miami Beach. Overall, sales were concentrated in Miami Beach, with a few outliers from Fort Lauderdale, Weston, and Palm Beach.

By Kate Hinsche | Research By Matthew Elo and Bill Egbert for www.therealdeal.com
Read the full story and the list of South Florida’s 10 biggest hotel sales of the year at: www.therealdeal.com.

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