BOSTON - Henley, the global private equity real estate investor, has purchased two hotels in the vibrant urban areas of Little Havana and South Beach, Miami. It will fund the transformation of the properties by introducing both private and shared accommodations at each location, providing travelers more options than a traditional hotel or Airbnb stay.
Garrett Solomon, President of Henley USA, remarks: "Each property will take its cues from the surrounding community, combining the social aspects of staying in a hostel with innovative design, high-quality amenities and locally influenced food and beverage."
Located in one of the United States' top-performing hospitality markets, the Miami properties have been purchased for $15.4M and will undergo a renovation and repositioning program under the management of Life House, an experienced technology-driven, lifestyle hotel company.
Ian Rickwood, CEO of Henley, comments: "Miami's popularity as a holiday destination is showing no sign of slowing down. However, affordable, community-oriented lodgings are in limited supply, with only one high-end hostel located in Miami Beach. Through repositioning these properties as boutique hotels with the option for shared accommodations, we can both maximize the value of the assets and deliver returns to our investors, whilst adding to the supply of this popular but highly fragmented sector.
"There is good scope to build on the growing popularity of Little Havana and the famous South of Fifth area in Miami Beach, particularly as there are significant hotel supply restrictions in both areas due to a prohibitive zoning ordinance. We plan to roll out more assets like these in the coming months across the USA."