MIAMI – February 4, 2020 – CBRE announced today it has arranged the $120 million sale of the 216-room Shelborne South Beach. Located at 1801 Collins Avenue in the heart of South Beach, this oceanfront resort was acquired by Westdale. CBRE’s Christian Charre, Paul Weimer and Jennifer Jin represented the seller.
“This was a rare opportunity to acquire and reimagine an irreplaceable asset that embodies a piece of Miami Beach history,” said Christian Charre, senior vice president at CBRE. “Previous ownership invested $14 million in improvements at the Shelborne, but new ownership can still unlock value by reimagining the design, management and potential brand of the hotel.” added Paul Weimer, senior vice president at CBRE.
The Shelborne’s prime location, combined with the hotel’s ideal room count and comprehensive mix of facilities, is a unique opportunity to revive an Art Deco icon located in one of the most sought-after destinations in the world. Opened in 1941, the Shelborne was originally designed by Igor Polevitzky and later updated and expanded by Morris Lapidus, the architect responsible for Miami’s most glamorous hotels. In 2014, the property underwent an extensive multimillion-dollar transformation and reopened in its most recent reincarnation.
The beachfront location offers breathtaking ocean views and direct beach access. Lincoln Road, Miami’s renowned outdoor pedestrian retail district, and the recently reopened, state-of-the-art Miami Beach Convention Center, are two blocks away from the property. The Convention Center underwent a $620 million transformation, and the facility is now one of the largest convention centers in the U.S., totaling 1.4 million sq. ft. of space.
In Miami, tourism numbers have increased 13 out of the last 14 years, growing at a compounded annual growth rate of 2.7% since 2001. Moreover, Miami’s RevPAR has registered a compounded annual growth rate (CAGR) of 5.9% since 2009, outpacing U.S. primary markets such as Chicago (CAGR 5.5%), New York (CAGR 3.0%), and Houston (CAGR 4.4%).
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
