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Molinaro Koger Sells The Raleigh Hotel South Beach

 

Washington, DC; September 30, 2009 - Molinaro Koger announced today the firm arranged the sale of The Raleigh Hotel South Beach Miami. One of the most high-profile boutique properties in South Beach, the 104-room Raleigh Hotel was purchased by a group of high net worth investors based in South America for an undisclosed price.

“A South Beach landmark and rendezvous for celebrities and the socially prominent, the luxurious Raleigh attracted immediate investor interest.  We were pleased to foster a bidding environment that returned highly competitive pricing for this one of a kind asset,” commented Ali Baheri, Vice President of MK, who marketed the hotel and structured the transaction. 

The hotel transaction market, which has been at a near standstill, is poised to pick up over the next six months, albeit at a selective pace. Entirely new buyers are now in the market, according to Mr. Baheri who points to the successful purchaser of The Raleigh as a case in point. 

“The profile of who is active in the market and able to purchase has changed dramatically,” remarked Mr. Baheri. “We have seen an influx of foreign buyers who are seeking high quality assets in primary U.S. markets.  Investors who were previously active have taken a back seat in the current acquisitions market.

“MK has global access to those currently seeking to acquire hotel assets. This includes individuals and investment groups located in South America, Asia, Europe and the Middle East. We are in contact with an array of purchasers who understand the solid fundamentals of markets and assets. These investors are looking for high quality assets and recognize real estate value in today’s market, even though there may not be corresponding cash flow to support these values.” 

The Miami hotel market continues to be one of the most sought after in the world. In terms of occupancy, RevPAR and Average Daily Rate, Miami ranks as the fourth strongest Metropolitan Statistical Area in the U.S. 

With a premier location on Collins Avenue, The Raleigh benefits from direct access to Miami Beach.  Initially built in 1940, the hotel has a lobby coffee shop, boutique, Lobby Lounge, The Martini Bar and a poolside Grill and Bar adjacent to the hotel’s 20,000 square foot tropical area known as The Oasis, which includes six cabanas.

“We were delighted to source a highly capable buyer for the owners in this disposition,” commented Mr. Baheri. “The advantageous divestment of this trophy asset resulted from expertise, a depth of financial and hospitality contacts, including those recently developed to remain nimble within ever-changing market conditions.” 

For further information about these transactions and other hotel properties offered for sale around the globe, please contact Ali Baheri at 703.760.9600 or abaheri@mkhotels.com.
 

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ABOUT MOLINARO KOGER 
Founded in 1959, Molinaro Koger (MK) is the world’s leading hotel-exclusive real estate brokerage, advisory and capital markets firm. MK provides clients with unparalleled service and commitment. During the past four decades the company has closed more than $15 billion in hotel property sales. Headquartered in Washington, DC, MK’s offices are located in Atlanta, Chicago, Cincinnati, Dallas, Los Angeles, New York, Phoenix, San Francisco, London, Mumbai, Beijing, and Shanghai. MK structures transactions of luxury hotels and resorts, in addition to urban and mid-scale properties throughout the Americas, Europe, India, China and the Middle East.  The firm closes, on average, more than 75 hotel transactions each year.  Each member of the MK team possesses a unique perspective and invaluable insight. Together they have leading-edge expertise in every aspect of the hospitality business. For further information about this transaction and current hotel property offerings, please contact MK at 703.760.9600 or visit www.mkhotels.com.
###
Contact:

Molinaro Koger
8000 Towers Crescent 
Suite 1200
Vienna, VA 22182
703.760.9600

Sharon Lemon
slemon@mkhotels.com
+1.253.304.9869


 
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Molinaro Koger Structures Sale of Sheraton Hotel Washington, DC / June 2004
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