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Map of the 5 Most Expensive Per Room Miami Hotel Sales

1. Ritz Carlton Key Biscayne

Address: 455 Grand Bay Drive

Sold: $325M in 2015 = $1,069,536 /key
Largest transaction of 2015.
Built: 2011
keys: 302
Buyer: Carey Watermark (REIT)

Note: purchase was for majority stake. Purchase involved debt assumption and a recapitalization deal with a 5.2% cap rate with the developer, Gencom Group. After Gencom recapitalized, Carey Watermark controlled 60% of the asset.

2. St. Regis Bal Harbour

Address: 9703 Collins Avenue

Sold: $213M in 2014 =$1,024,038 /key
Built: 2012
keys: 208
Buyer: Al Rayyan Tourism Development Company

3. SLS South Beach

Address: 1701 Collins Avenue

Sold: $125M in 2015 = $880,282/key
Built: 1939
keys: 142
Buyer: Golden Peaks Capital

4. Miami Beach Edition

Address: 2901 Collins Avenue

Sold: 230M in 2015 = $782,313 /key
Built: 2010
Keys: 294
Buyer: ADIA

5. James Royal Palm

Address: 1545 Collins Avenue

Sold: $278M in 2015 = $698,492 /key
Built: 1990s
keys: 398
Buyer: Chesapeake Lodging Trust (REIT)

 

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