Miami Herald Discusses Miami Hospitality Market with Matthew Jacocks after Miami Beach Hotel Trades for $70MM

After an eye-popping purchase of the Como Metropolitan Miami Beach where a foreign investor paid almost $1 Million per room, the Miami-Herald published an article reflecting on the sale and reached out to Lee & Associates South Florida Miami hospitality and investment sale expert, Matthew Jacocks, for expert insight on what he has been seeing in the marketplace.

"The latest transaction is noteworthy for the price paid per room," said Matthew Jacocks, a principal at Lee & Associates and specialist in hospitality and multifamily property in South Florida. 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.

The 74-room Como Metropolitan Miami Beach, formerly known as the Traymore Hotel, dates back to 1939 and is one of the most expensive Miami hospitality deals to close since the onset of the pandemic. For its first hotel acquisition in Miami, buyer and Brazilian investor JHSF plans to renovate the building and convert it into a Fasano-branded hotel, the second hotel project in the country for the company following its opening last year of the condo hotel Fasano Fifth Avenue in New York City.

Source: Miami Herald - Miami Beach Hotel Trades for $70MM

Contact Matthew Jacocks for more information on hospitality or multifamily real estate in South Florida Matthew serves as Principal with Lee & Associates South Florida specializing in Real Estate Development and Investment Sales, Hospitality and Multifamily property. Bringing over 18 years of real estate experience, Matthew has worked on all sides of the business, managing projects ranging widely in scope and industry.