The Real Deal Miami

Volume of Miami hotel sales rose 154 percent in 2011: report

May 10, 2012 12:45PM

Miami Beach Best Western

The volume of hotel transactions in Miami last year increased by 154 percent in 2011 compared to 2010, according to a report from Jones Lang LaSalle Hotels, the Miami Herald reported. “High demand levels and significant rate premiums will enable the city to maintain a strong hotel performance over the medium term, piquing investor interest,” said Gregory Rumpel, JLL Hotels’ Miami managing director. There were a total of $557 million of hotel sales in Miami last year, a number projected to rise to $650 million this year. Most recently, Man-Co paid $50 million for the Miami Beach Best Western in April. [Miami Herald]