The top 10 South Florida hotel sales of the past year featured some of the biggest institutional names in real estate taking over a handful of luxury waterfront resorts.
The mix of buyers included British billionaire siblings David and Simon Reuben and New York-based investment giant Blackstone purchasing W-branded hotels in Miami Beach and Fort Lauderdale, respectively, for a combined $700-plus million. Overall, hotels in 2024’s top 10 sold for a combined $1.5 billion, roughly $1 million more than last year’s largest deals.
A total of 2,292 rooms in Miami-Dade, Broward and Palm Beach counties traded this year at an average price of $545,000 per room, an analysis by The Real Deal shows.
Here are South Florida’s 10 biggest hotel sales of the year, according to data from Colliers and Cushman & Wakefield:
1. $400M-plus | Miami Beach | Reuben Brothers
The London-based Reuben Brothers duo claimed the top spot by planting their flag in Miami Beach. In October, their eponymous firm purchased the W Hotel South Beach at 2201 Collins Avenue for more than $400 million from New York developers Aby Rosen and David Edelstein. The deal included 175 hotel rooms and 173 condo-hotel units. By combining both, Reuben Brothers paid more than $1,150 per room. However, the purchase fell way below last year’s top hotel sale. In 2023, Honolulu-based Trinity Investments and Credit Suisse paid $835 million for the 1,000-room Diplomat Beach Resort in Hollywood.
2. $400M | Key Biscayne | Gencom
Gencom reclaimed the entire ownership of the 291-room Ritz-Carlton Key Biscayne, nabbing the second biggest hotel deal of 2024. The Miami-based hotel investment firm, led by Karim Alibhai, paid $400 million in January for a majority stake in the waterfront resort at 455 Grand Bay Drive in Key Biscayne. Brookfield Asset Management was the seller. The deal breaks down to $1,374 per room. Gencom’s acquisition surpassed 2023’s second largest hotel sale by $235 million. Last year, Service Properties Trust paid $165 million for the 250-key oceanfront Nautilus Sonesta Miami Beach.
3. $318M | Manalapan | Lawrence Investments
Billionaire Larry Ellison’s Lawrence Investments entered the South Florida hotel market by acquiring an iconic resort in the exclusive town of Manalapan in Palm Beach County. Ellison’s firm paid $317.5 million for Eau Palm Beach Resort & Spa, a 310-key waterfront hotel at 100 South Ocean Boulevard. The Lewis family sold the property to Ellison at a price of $1,204 per room. The Eau Palm Beach deal surpassed last year’s third largest hotel sale by nearly $200 million. In 2023, hotel-focused investment firm MCR acquired a Hilton-branded hotel near Miami International Airport for $118.3 million.
4. $98M | Fort Lauderdale | Blackstone
Steve Ross’ Related Companies sold the W Fort Lauderdale to the New York-based investment giant Blackstone after holding onto the 346-key waterfront resort for more than a decade. Led by CEO Stephen Schwarzman, Blackstone paid $97.7 million, or roughly $282,000 per room. The 3.8-acre property at North Fort Lauderdale Beach Boulevard consists of two 23-story towers that also include 171 condo units that were not part of the deal. Blackstone’s purchase eclipsed 2023’s fourth priciest hotel deal by $24.7 million. Last year, Miami-based 13th Floor Investments and Miami Beach-based Opera Acquisitions bought the Westgate South Beach Oceanfront Resort, a 46-unit timeshare building in Miami Beach, for $73 million.
5. $74M | North Bay Village | The Continuum Company
Continuum Company, led by Ian Bruce Eichner, paid $73.5 million in June for a 198-room Best Western hotel at 1819 79th Street Causeway in North Bay Village. The property was also home to popular waterfront restaurant Shuckers Waterfront Bar & Grill, which recently closed. Montreal-based Jesta Group sold the hotel to Continuum for $378,787 per room. Eichner’s firm plans to redevelop the site into a hotel and Continuum-branded condos with a private club, gym, restaurants and marina. The Best Western site sold for $10.5 million above last year’s fifth highest hotel deal. In 2023, Dallas-based Crescent Real Estate and Houston-based Sage Street Equity Partners bought the Hotel Colonnade, Autograph Collections, in Coral Gables for $63 million.
6. $58M | Delray Beach | Tmgoc Ventures and Certares Management
In September, the joint venture of Tmgoc Ventures and Certares Management dropped $57.7 million, or $409,219 per room, for the Ray Hotel Delray Beach, Curio Collection. Menin Development, the 141-room building’s developer, sold the 1.1-acre property at 233 Northeast Second Avenue to the joint venture. The deal was $4.2 million higher than 2023’s sixth priciest hotel sale. Last year, Albanian conglomerate Kastrati Group paid $53.5 million for the 124-key SLS Brickell Hotel in Miami.
7. $53M | Miami Beach | Elliott Investment Management
This month, West Palm Beach-based Elliott Investment Management picked up the Gates Hotel South Beach for $53 million. Led by hedge fund managers Paul Singer and Jonathan Pollock, Elliott paid $230,435 per room for the 230-key property at 2360 Collins Avenue. Boston-based Rockpoint sold the waterfront 1.2-acre site to Elliott. The price surpassed last year’s seventh largest hotel sale by $25 million. In 2023, a group of investors acquired a Sheraton-branded hotel in Fort Lauderdale for $28 million.
8. $38M | Jupiter | JW Marriott Family Enterprises
An entity tied to JW Marriott Family Enterprises paid $38 million in July for the Courtyard Palm Beach Jupiter at 4800 Main Street. The seller was the hotel’s developer, Bay Harbor Islands-based Finvarb Group. Led by CEO Robert Kalchik, JW Marriott acquired the 128-room hotel for $162,891 per key. The sale was $11.5 million more than last year’s eighth priciest hotel deal when New York-based Blue Suede Hospitality paid $26.5 million for South Beach Plaza Hotel and South Beach Plaza Villas in Miami Beach.
9. $36M | Miami | MG Developer
Coral Gables-based MG Developer, led by Alirio Torrealba and Diego Torrealba, jumped into South Florida’s hospitality market with the acquisition of a Sonesta-branded hotel near Miami International Airport. In September, the firm paid $36 million, or $204,545 per key, for the 176-room Regency Miami Airport by Sonesta at 1000 Northwest 42nd Avenue. An affiliate of Miami-based hospitality real estate firm OPB Capital Group sold the property to MG. The sale is $12 million higher than last year’s ninth largest hotel deal. In 2023, Delray Beach-based Kolter Group’s hospitality division and Aventura-based BH Group paid $24 million for the Crystal Beach Suites in Miami Beach.
10. $30M | Dania Beach | Fortress Investment Group
Led by David Mason, New York-based Fortress Investment Group acquired Le Méridien Dania Beach at Fort Lauderdale Airport in a UCC foreclosure auction in November. Fortress paid $30 million, or $241,935 per room for the 124-key hotel at 1825 Griffin Road in Dania Beach. Fortress’ purchase was $7.2 million above 2023’s tenth priciest hotel sale. Last year, New York-based Three Wall Capital acquired the 130-key Marriott-branded hotel in Miramar for $22.8 million.