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Cornell Hotel SocietySouth Florida Chapter
2013 OutlookSeptember 13, 2012Conrad Hotel Miami
Top 10 ReasonsTo Get Excited
About 2013(South Florida Hotelie Edition)
#10 - Economic expansion, not recovery, for most hotels in 2013.
2007-08
2009
Miami
Rest of U.S.
#9 – Distress? That was so 2010…
2010 Today
#8 – Even our “weak” submarkets beat national averages.
U.S. National Average $ 64.12 $ 59.39 8.0%
First Half 2012
Source: STR, GMCVB Research Division
#7 – Greater international visitation and investment in our region.
INTERNATIONAL JULY YTD % CHG YOY
PASSENGERS 11,433,525 7.13FREIGHT-TONS 1,039,465 2.40MAIL-TONS 7,557 -5.45TOTAL CARGO-TONS 1,047,022 2.34COMMERCIAL AIRCRAFT MVMT 111,659 4.45LANDED WEIGHT (1,000 LBS) 12,005,990 5.99SEATS 13,973,679 5.55DOMESTIC JULY YTD % CHG YOY
PASSENGERS 12,339,744 4.59FREIGHT-TONS 155,214 18.61MAIL-TONS 11,366 23.67TOTAL CARGO-TONS 166,579 18.95COMMERCIAL AIRCRAFT MVMT 120,768 -1.59LANDED WEIGHT (1,000 LBS) 7,888,249 1.72SEATS 13,801,218 0.30
Murray Group
Miami International AirportYTD July 2012
Source: MIA Airport
#6 – We invented (and are reinventing)the boutique hotel.
#5 – Our hotels are not just hotels, they are entertainment destinations.
#4 – Excitement will be measured in $Billions of investment, not millions.
#3 – Huge trades, developments position our market on a global scale.
Projects Under Construction/Recently DeliveredProperty Projected “All-in” Cost
SLS South Beach $650,000 per keyComo Traymore $395,000 per key
St. Regis Bal Harbour $800,000 per keyPerry South Beach $560,000 per key
Seville/Edition Miami Beach $850,000 per keyContinental/B Ocean Resort $345,000 per keyRoyal Palm/The James Resort $440,000 per key
Date Property Name Keys Price Price/Key Buyer
Feb-12 The Gansevoort/Perry 589 $230,000,000 $390,492 Starwood Capital
Jan-12 The Traymore South Beach 90 $17,500,000 $194,444 Como Hotels (Asian)
Nov-11Courtyard Miami Beach
Oceanfront263 $95,000,071 $361,217 Hersha Hospitality Trust
Jul-11 Hotel Victor 91 $25,749,997 $282,967 Nakash (Israeli) JV Thompson Hotels
Apr-11Contitental Oceanfront Hotel
South Beach251 $61,000,028 $243,028 Cube Capital (UK) JV Insite Group
Mar-11 The James Royal Palm 417 $130,000,167 $311,751 KSL Capital Partners
Jun-10 Seville Beach Hotel 318 $57,500,124 $180,818 Marriott InternationalSep-09 Raleigh Hotel 105 $27,266,715 $259,683 Brilla Group (Latin America)Sep-09 Sonesta Beach Resort 292 $77,999,916 $267,123 Consultatio SA (Argentinian)
Projects on the Market/Expected to go to MarketProperty Whisper Pricing/Market Rumor
The Delano $1,000,000 per keyThe Setai $900,000-1,000,000 per Key
Crown Apartments(Luxury Conversion)
$475,000 per key purchase priceAll-in $700,000-750,000+ per key
#2 – Alligators, sharks, and the HPB create impossible barriers for new supply.
#1 – We have the most innovative and visionary leaders in the world!
Moderator:
Suzanne Amaducci-AdamsPartnerBilzin Sumberg
Panelists:
Daniel C. Peek ‘92Senior Managing DirectorHFF
William D. Talbert, IIIPresident and CEOGreater Miami CVB
Jason Nick ‘00Senior Vice PresidentLNR Partners
Jeff LehmanGM, Betsy HotelChair, Miami Beach VisitorAnd Convention Authority
Questions about this presentation?
Please Contact:
Max ComessAssociate DirectorHFF Hotel Group1450 Brickell AvenueSuite 2950Miami, Florida 33131P: (305) [email protected]
Suzanne Amaducci-AdamsPartnerBilzin Sumberg1450 Brickell Avenue23rd FloorMiami, Florida 33131P: (305) [email protected]
