Five-Star Oceanfront Hotel – Forward Acquisition Opportunity
August 11, 2010
Dear Potential Client,
We are writing to advise you of an outstanding opportunity to acquire a luxury five-star oceanfront hotel in a prime location in Sunny Isles, Florida. The Hotel is part of a 52-story resort that includes luxury residences and comprehensive amenities.
The Sponsor is a highly successful developer who will deliver a Five-Star Hotel product which will service 134 beautiful condominiums (64% of which have been sold) in prestigious Sunny Isles, FL. The Hotel is just down the street from the world famous Bal Harbour Shops.
The programming for the Hotel is as follows:
- 87,000 square feet with 140 to 170 total rooms
- World-class spa (4,313 sf of interior space plus outdoor treatment environment)
- 3 restaurants including poolside dining
- Ballroom; 2 Boardrooms, and Business Center
The Hotel Proforma generates a stabilized NOI of $5.1 million assuming a conservative $370 ADR and 72% occupancy rate. Therefore, the Hotel can be bought at an unleveraged 10% cap rate free and clear of branding and management (or a buyer could elect to move forward with the brand and operator that the developer has selected).
The Sponsor is a successful developer with a 20+ year history and has contributed $53 million of equity and collateral for the completion of the Resort.
Sunny Isles Beach is an exclusive resort enclave that has attracted worldwide attention as a leading resort destination. Its location features high barriers to entry and proximity to both the greater Miami area and Fort Lauderdale markets.
If interested, please contact me to learn more about this excellent acquisition opportunity.
Very truly yours,
Howard L. Michaels
Chairman
Carlton Advisory Services, Inc.
560 Lexington Avenue – 10th Floor
New York, NY 10022
(212) 545-1000 office
(212) 867-1305 fax
Email: howardmichaels@carltongroup.local
Website: www.carltongroup.local
Carlton Exchange: www.carltonexchange.com
