Eye-popping: A foreign investor paid almost $1M a room for this Miami Beach hotel
The 74-room Como Metropolitan Miami Beach has been sold for $70 million to a Brazilian investor, as confidence in the South Florida hospitality market continues to grow.
The Brazilian real estate investment company JHSF bought the former Traymore Hotel at 2445 Collins Ave. in an off-market deal from Como Traymore LLC, paying about $946,000 per room, according to Susan Gale, a ONE Sotheby’s International Realty Realtor who represented both the seller and buyer in the transaction. The sale is one of the highest prices per room, according to Gale.
For its first hotel acquisition in Miami, JHSF plans to renovate the building and convert it into a Fasano-branded hotel. It is the company’s second hotel project in the country, following its opening last year of the condo hotel Fasano Fifth Avenue in New York City.
“The price point of this sale is one of the most expensive hotel deals to close since the onset of the pandemic, which speaks to the demand of oceanfront property in Miami Beach — and there’s a finite amount of it,” Gale said by email.
Other investors have bought hotels during the pandemic, including the Four Seasons Hotel Miami and Circa 39.
The latest transaction is noteworthy for the price paid per room, said Matthew Jacocks, a principal at Lee & Associates. He said the owner may be looking to build above the hotel and add more units or is betting on daily rates justifying the purchase price.
“I’m seeing a rush to buy property. Everybody has grown more confident in South Florida’s ability to rebound [from the pandemic],” Jacocks said.
This story was originally published August 27, 2021 at 6:36 PM.
