LOS ANGELES - Laurus Corporation, a U.S.-based private real estate investment and development firm, announced that it has completed the acquisition of the Sofitel Miami Hotel. The 14-story luxury hotel sits on 10 acres with a total of 281 rooms and boasts 17,351 square feet of meeting and event space. In addition to the purchase price, approximately $4.5 million will be invested to implement a renovation program to upgrade the property. Nestled alongside a peaceful lagoon, the Sofitel serves as a refuge from the hustle of the business park and the airport. The site also includes 1.3 acres which allows for additional development opportunities of either a build-to-suit Class A office building development or an additional 100 guestrooms.
"Hospitality is experiencing rapid recovery in Miami and our investment strategy is well-aligned to capitalize on this opportunity," commented Andres Szita, Chairman and Co-founder of Laurus Corporation. "Robust foreign demand and record-level air, cruise and tourist travel to the area will keep the short-term outlook positive. The Sofitel Miami clearly stands above its competition in capturing demand, running a 123.4% occupancy index versus the market."
"The Sofitel Miami acquisition augments our business model of identifying properties which create an opportunity for significant value creation through renovation and operational efficiency," said Jean Paul Szita, President & Chief Financial Officer of Laurus Corporation.
"Similar to our recent acquisition of the Hilton Salt Lake City, this property features an attractive location undergoing an economic revitalization and also has substantial potential for enhancement into an institutional quality asset," noted Philip Cyburt, Chief Executive Officer of Laurus Corporation. "The hotel has run above 80% occupancy since February 2007, and Miami's hotel market posted one of the highest RevPAR growth of any major gateway market in the U.S. during the first quarter of 2012."
Built in 1986 and renovated in 2000, the hotel is located at 5800 Blue Lagoon Drive, with a unique location adjacent to Miami International Airport and the Waterford business park, which consists of almost 3,000,000 square feet of office space occupied by a variety of Fortune 500 companies. The Sofitel offers a high-end experience throughout every stage of the guest's stay with elegantly appointed guestrooms, upscale food and beverage offerings, multiple recreational activities, and extensive event space.
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate investment firm.