Vinnci Hotels Opens in South Beach + Bentley Beach News!
South Beach's newest luxury hotel, the Regent, lost its operator in September after a year of disappointing occupancy levels and room rates.
Regent Hotels & Resorts officially left, nine months after opening the condo-hotel. Vincci Hotels, a chain based in Spain with properties in New York and Palo Alto, Calif., took over Friday. Table 8, the celebrated restaurant in the hotel's first floor, will remain, a spokeswoman said.
The abrupt switch ends Regent's plan to take on the Delano, the Ritz-Carlton and South Beach's other top hotels. A hotel brand with roots in Asia, South Beach was Regent's first U.S. location, with a second opening in Bal Harbour later this year.
With hurricane barrages a more distant memory, South Florida hotels posted impressive gains last month amid a second storm-free summer. A report issued Monday showed more demand for hotel rooms throughout the region: Occupancy surged 10 percent in Miami-Dade, while the Broward market recorded its first monthly occupancy gain in nine months.
The impressive August numbers reflect some of the headaches hotels suffered a year ago, when memories of Hurricanes Katrina and Wilma's 2005 attacks were still fresh in travelers' minds.
Room rates have risen 9 percent this year in Miami-Dade, even as occupancy remained flat, reports Smith Travel Research. With fewer rooms available than last year, thus new and more experienced hotel operators can be expected to continue arriving in South Beach. The latest example is the Hilton Hotel Group taking over the Bentley Beach Hotel on 1st Street and Ocean Drive.
Commercial Real Estate News- Giant Properties Buys 70,000 SF for $7M
North Miami-based Giant Properties LLC has acquired 70,000 sf of warehouse space at 301-313-311-325-375 Ansin Blvd. for $7.1 million. The property consists of five buildings on three acres along the Interstate 95 corridor.
The site includes 41,000 sf of parking and a double-sided highway billboard sign. Giant anticipates holding the properties long term. The principals of Giant Properties are Michael Weinreb, Teddy Cohn and Eric Mann.
The buildings were owned by different entities so Giant had to negotiate separate deals. “We had been looking for some time for a property that we could put an assemblage together,” “It’s difficult because, if one of the owners finds out, they might hold out.”
The property is located in close proximity to the Mardi Gras Casino and the Gulfstream Park Racing & Casino in an area that is experiencing residential and retail growth. The property currently has 32,000 sf of vacant space that is available.
Companies net $70M loan for South Beach shopping center
A joint venture between the Berkowitz Development Group and the Potamkin Cos. closed on a $70 million construction and permanent financing loan for the new South Beach shopping center to be located at 5th & Alton Road.
The Metropolitan Life Insurance Co. financed the loan and Bilzin Sumberg Baena Price & Axelrod's real estate group represented the companies in the closing and in leasing connected to the project.
The Shops at Fifth & Alton, at the northeast corner of Fifth Street and Alton Road, will include a Publix Super Market, Best Buy, Staples and other national retailers.
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