LOS ANGELES—Laurus Corporation, a U.S.-based private real estate investment and development firm, announced that it has completed the acquisition of the Sofitel Miami hotel. The 14-story luxury hotel sits on 10 acres with a total of 281 rooms and 17,351 square feet of meeting and event space.
In addition to the purchase price, approximately $4.5 million will be invested to implement a renovation program to upgrade the property. The site also includes 1.3 acres which allows for additional development opportunities of either a build-to-suit Class A office building development or an additional 100 guestrooms.
“Hospitality is experiencing rapid recovery in Miami and our investment strategy is well-aligned to capitalize on this opportunity,” commented Andres Szita, chairman and co-founder of Laurus Corporation. “Robust foreign demand and record-level air, cruise and tourist travel to the area will keep the short-term outlook positive. The Sofitel Miami clearly stands above its competition in capturing demand, running a 123.4 percent occupancy index versus the market.”
Built in 1986 and renovated in 2000, the hotel is located adjacent to Miami International Airport and the Waterford business park, which consists of almost 3,000,000 square feet of office space occupied by a variety of Fortune 500 companies.
