The 281-room Sofitel Miami hotel has sold to Laurus Corporation, a U.S.-based private real estate invester and developer, the firm announced today. In addition to the undisclosed purchase price, Laurus will spend approximately $4.5 million on capital improvement to the 14-story luxury hotel, located at 5800 Blue Lagoon Drive.
“Hospitality is experiencing rapid recovery in Miami and our investment strategy is well-aligned to capitalize on this opportunity,”Andres Szita, Chairman and Co-founder of Laurus Corporation, said in a statement. “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% occupancy index versus the market.” –Christopher Cameron