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September 3, 2014

CBRE: Courtyard Miami Downtown listed for sale

The Courtyard by Marriott, a 233-room hotel on a 1.07-acre site, is for sale, CBRE said.

The Courtyard Miami Downtown at 200 SE Second Ave. is on the block.

The hotel’s owner, AVR Realty, which is owned by Allan V. Rose, engaged CBRE to market the 1.07-acre site, which is expected to draw interest from both hotel operators and condominium developers.

CBRE’s vice chairman Robert Given and its senior vice president of hotels Christian Charre are jointly marketing the property. CBRE plans to request that investors submit offers by mid- to late October with a decision expected in November. Given said the site could be developed into about 1,000 condo units if the buyers chose that route.

“There is a lot of new development on all sides of this project. It’s a great location,” Given said. “It’s a strategic infill piece in downtown Miami.”

All Aboard Florida’s Miami station is slated to be built just north of The Courtyard by Marriott, a 13-story hotel with 233 rooms. Two massive, mixed-use developments — the Miami Worldcenter and Brickell City Centre — also are nearby, as is a new Whole Foods grocery store.

Charre said Miami’s emergence as a top-tier hotel market, along with cities like New York and San Francisco, should spur interest from hotel investors as well.

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