Corporex Companies’ Post

Always good to see some positive news in the CRE market. Thriving Construction: Miami is buzzing with activity as over 1,100 hotel rooms are currently under construction and slated to open this year. This impressive number marks a significant increase from the 423 room openings in 2023. Consistent Growth: From 2020 through 2022, an average of 1,700 rooms opened annually, reflecting the city’s commitment to hospitality and tourism. Miami Beach Spotlight: Miami Beach takes center stage, accounting for more than half of the rooms opening in 2024. Notable projects include:Collins Park Hotel: A 295-room gem, thoughtfully adapted from historic buildings within the Museum Historic District. It’s set to welcome guests in the spring. Thompson South Beach: A luxury 150-room haven, promising an unforgettable experience when it opens in the fall. citizenM Continues to Shine: The 168-room citizenM South Beach is scheduled to open in the fall. This marks Miami’s third new citizenM hotel in just two years, following the successful launches of citizenM Miami World Center (February 2023) and citizenM Miami Brickell (July 2022), both located in downtown Miami. Dreaming Big for 2025: The downtown area gears up for exciting hotel openings, including the Dream Miami at Riverside Wharf. This 165-room beauty will boast a private marina for VIP guests, a sprawling 30,000-square-foot rooftop pool deck, and a vibrant nightclub scene. New Brands on the Horizon:Treehouse Brickell: With 191 rooms, this Treehouse Hotel is making its Miami debut. It follows the success of Treehouse Sunnyvale in California (scheduled to open in 2024). Baccarat Hotel & Residences Miami: The brand’s second location, joining the iconic Baccarat Hotel New York (opened in 2015). Expect 249 rooms of elegance and sophistication. Miami’s skyline is evolving, and these upcoming hotels promise luxury, innovation, and unforgettable experiences for visitors. 🌴🌟 #Costar #hospitality #southfloridarealestate #economy #tourism #cre #cmbs

🇨🇴 Hotel in Santa Marta on owned property having 25 rooms and amenities like a restaurant, bar, pool, and parking. Business for Sale - The owners are exiting this business as they are seeking to invest in the construction of other properties. Assets Overview - Physical assets include property, furniture, and fixtures. #hotelforsale #hotelrealestate #hotelbusinessforsale #hotelbusiness #colombianbusiness #businesscolombia #santamartacolombia #businessforsale

Renovations are vital to keeping a hotel looking its best, as well as becoming modern as times change with updated facilities to meet guest needs and expectations. However, it's important to plan an organized strategy for these renovations, as it can become overwhelming and stressful for both hoteliers and staff if these renovations are undertaken without clear objectives and strategy. #HotelManagement #Hospitality

"The full-service hotel issue within Memphis and the plethora of small, sub-200-room hotels is nothing new for the market. Yet, the Sheraton sale doesn't erase that issue — it hastens, and perhaps even complicates it." With Downtown Memphis' largest hotel on the market, I dig deeper into why the hotel's renovation is vital & will require a public-private partnership for any future development near the site, including the potential of a convention center district. https://lnkd.in/eKh6kqfX

Boutique hotel plan for Newcastle city centre building moves forward

Real Estate News Exchange (RENX) interviewed James D Brown and Hallmark Hospitality to dig deeper into the proposed hotel development. This is a fantastic article sharing insight on what it is like developing a hotel in Vancouver, and what it took to get to the current design. #vancouver #vancouverrealestate #hotel #development #design #architecture #wearezeidler

*** US Hotel Construction Pipeline*** Nice to see that activity is starting to pick up and developers are finding ways to build regardless of the cost of capital. Below is the chain scale segments. Upscale and Upper Upscale continue to dominate in all segments accounting for approximately 50% of the rooms in the pipeline. Extended stay makes up a lot of the midscale pipeline and continues to grow. Chain Scale Segments (% of existing supply, in-construction room count) 1.   Luxury (4.5%, 6,760 rooms) 2.   Upper Upscale (2.7%, 19,023 rooms) 3.   Upscale (4.0%, 36,806 rooms) 4.   Upper Midscale (3.5%, 40,954 rooms) 5.   Midscale (2.9%, 14,900 rooms) 6.   Economy (1.3%, 8,384 rooms) * Data and analysis provided by STR.com #hotelier #hotel #development #hotelconstruction #hotelpipeline #hotelbusiness #hilton #marriot #losangeles #california #westcoast #construction #developers #hoteldeveloper #hoteldevelopment https://lnkd.in/g6nCUBut

The refurbishment and fit out of this hotel refurbishment project in Euston is progressing well and approaching completion soon with lifts in, power on, external signs erected and upper floors rooms and corridors being finished and snagged. Lower floor areas, public areas, kitchen, BOH areas and external works are also progressing well. #Hospitality #Hotels #Refurbishment #CentralLondon #ProjectManagement #CostManagement

UNSTOPABLE BOOM IN ULTRA-LUXURY HOTELS IN LONDON   RAFFLES Old War Office The OWO building has undergone a £1.4 billion renovation and opened as the luxury Raffles Hotels & Resorts OWO hotel. Room rates at the 120-room hotel starts at £1,100. Most of the Raffles OWO’s guests come from the US, followed by the UK, and then Saudi Arabia, France and Australia. A leader from the UAE stayed recently. Visitors can easily spend £800 on a meal in the restaurants.   PENINSULA HOTEL The new 5-star The Peninsula Hotels cost £1 billion to build (excluding the cost of the site) also opened in 2023, a short walk from Hyde Park on the edge of Belgravia. It is so expensive that bankers won’t even go there for breakfast. Rooms start from £1,300.   INTERNATIONAL LUXURY BRANDS Waldorf Astoria Hotels & Resorts, Rosewood Hotel Group, St. Regis Hotels & Resorts and Six Senses Hotels Resorts Spas all have hotels in the pipeline. Mandarin Oriental Hotel Group Oriental has two hotel projects in the pipeline. Claridge's is opening a sister hotel in April 2024. Lodging Econometrics: 11 Luxury hotel projects in the pipeline. London has more luxury hotels under construction than any other European city. They are getting more expensive - £1,000 per night is now the norm. CoStar UK: The cost of a typical room in a luxury hotel in London has risen by 111% since 2009.   London’s luxury hotel boom is driven by the world’s super rich. UBS: The number of so-called “ultra-high net worth” people with wealth of $50m (£39.5m) or more is forecast to hit 372,000 by 2027, almost ten times as many as there were in 2000. There are now more than 2,500 billionaires in the world who between them hold $12 trillion. The Dorchester is completing a renovation that will see room prices start from £1,200. The Lanesborough, which is next door to the new Peninsula but has been open since 1991, revenues surged by 12pc to hit a record high in 2023. A butler is assigned to every room at The Lanesborough.   The London glitz is in stark contrast to the wider UK economy, which has been hammered by the cost of living crisis and likely tipped into recession in the second half of the year. London is a good city for the super-rich, more at ease with wealthy people than other European capitals. To the world’s ultra-wealthy, London is merely another European capital to frolic in – hardly a part of Britain at all. #luxuryhotels #ultraluxury #hoteldevelopment #hotelinvestment #londonrealestate #londonhotels

There's a new Hyatt set to open in Leeds over the Autumn...and the Cosmopolitan's renovation (which will be an IHG Hotels & Resorts) will also be completed before UKREiiF which is the first time it'll be reopened since UKREiiF started. And today more hotel news as Whitbread announces plans to renovate an office in the city centre. This is in addition to active projects with planning approval for a new apart-hotel and a further 143-hotel close to Kirkgate. Great to see such a strong pipeline of new beds coming down into the city. It'll be welcomed I'm sure for UKREiiF attendees, and this is alongside us exploring partnerships with the likes of Airbnb (who now have over 2,000 properties in Leeds on the system), University of Leeds and Parklane Properties on other housing stock that can be brought forward ahead of UKREiiF 2025. From feedback of UKREiiF we know hotels is one of the key elements and that's why we're working hard our side alongside the city council, combined authority and numerous partners to free up more stock...but also great to see the hospitality industry are already ontop of this with numerous in the pipeline. https://lnkd.in/eg8sjWyu Keval Thakerar Belfont Hotels Hyatt Place & Hyatt House Leeds Marrico Asset Management dla architecture Luke Sach RIBA Matt Lawson MCIAT Jill Nichols Peter Dodd Aimbridge Hospitality James Anderson MCIPR