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Published on : Thursday, November 21, 2013
These days the yacht capital of the world is chartering more than tourists to its shores. Investors have taken an interest in Fort Lauderdale’s hotel market. While the Miami hotel market has experienced record-breaking transaction volumes annually since the downturn, there are very few acquisition opportunities in Miami and many investors are likely to employ hold strategies to maximize asset value.
Now, Fort Lauderdale is hitting a peak in investor interest with projections of more than $450 million in hotel transactions expected to close in the next 12 months.
“Fort Lauderdale is becoming a premier location for leisure travelers and investors alike.
The market, once positioned to capture Miami’s infinite tourism overflow due to its location just 30 minutes north, has become a key destination itself. Thirteen-million tourists are expected to visit this year,” said Gregory Rumpel, Managing Director of Jones Lang LaSalle’s Hotels & Hospitality Group.“Increased visitor demand coupled with upscale hotel product is attracting investors who are looking to deploy capital into the South Florida hotel market. Available product in Miami is rising in price these days, so Fort Lauderdale becomes the natural choice for investment.”
In the last two years, Rumple and his Miami team have closed approximately $900 million in acquisition and finance transactions, $722 million of which have been only in Florida.