HOTEL FOR SALE, Sorrento Villas Miami Beach for sale,

Miami Beach Florida

Overview

ID: #1004
Price: $ 5,570,000
Type: Hotel
Contract: Hotel
Location: Miami Beach Florida
Bathrooms: 21
Bedrooms: 21
Area: 8349m2
Rating:

About Property

The hotel is located just steps from one of the nation’ s most sought after beaches and the prestigious Bal Harbour shops. Bal Harbour shops is the highest ranked mall in sales per square foot in the world. The area draws tourists from all around the world to vacation.
The 2014 report shows $556,000 in gross revenue and $359,000 in operating expenses. The current cap rate on and all cash purchase of $5,570,000 is 3.53%. This is based on the revenue from mostly online bookings at a $118.16 ADR and RevPAR of $72.61. The current market ADR for competitive properties is $135/night. Through an estimation of current booking rates, the ADR is estimated at $138.69. The increased occupancy is estimated at 70% occupancy. Additionally, by renting the manager’ s unit, the net income would increase to $360,096, which would represent a 6.46% pro-forma cap rate. The property has an ample courtyard that could be used as an outdoor restaurant for additional income.In 2014 the 8 studios were offered at $80/night and current bookings for 2015 are $100/night. In 2014 the 13 suites were offered 21 suite Sorrento Villas in Miami Beach, FL. The hotel is located just steps from one of the nation’ s most sought after beaches and the prestigious Bal Harbour shops. Bal Harbour shops is the highest ranked mall in sales per square foot in the world. The area draws tourists from all around the world to vacation.

General amenities

  • Air conditioning
  • Balcony
  • Bedding
  • Cable TV
  • Cleaning after exit
  • Cofee pot
  • Computer
  • Cot
  • Dishwasher
  • DVD
  • Fan
  • Fridge
  • Grill
  • Hairdryer
  • Heating
  • Hi-fi
  • Internet
  • Iron
  • Juicer
  • Lift
  • Massage Rooms
  • Microwave
  • Oven
  • Parking
  • Parquet
  • Private Dinning
  • Private Sauna
  • Radio
  • Relexation Room
  • Roof terrace
  • Smoking allowed
  • Spa
  • Terrace
  • Toaster
  • Towelwes
  • Use of pool
  • Video
  • Wine Room

Map