Pullman-Branded Miami Hotel on the Market

Thursday, June 1, 2017

Holliday Fenoglio Fowler, L.P. (HFF) is marketing for sale Pullman Miami Airport Hotel, a 281-room, full-service hotel located within Miami’s most prestigious office park, Blue Lagoon Office Park. Formerly known as the Sofitel Miami, the hotel recently underwent a complete renovation and a brand conversion. The hotel for sale is being offered unencumbered of management with a potentially short-term brand encumbrance of approximately one year, based on current projections, paving the way for a repositioning opportunity in the near future. Additionally, the Pullman Miami Airport Hotel is being offered at a discount to replacement cost.

Featuring a combination of rooms and suites, the hotel provides views of either the Blue Lagoon or the Miami skyline. Pullman Miami Airport Hotel features an outdoor pool with a dancing water fountain, tennis courts, business center, fitness center and 11,000 square feet of meeting and event space. There are two food and beverage options, La Riviera, the hotel’s signature full-service restaurant, and Le Bar, which provides both an indoor lounge area and an outdoor area by the pool and water feature. The hotel is a Pullman PLANET 21 Gold hotel, which shows its commitment to sustainable development by being active in promoting health and nature, using innovation to reduce its carbon footprint and source from the local environment.

Pullman Miami Airport Hotel is located at 5800 Blue Lagoon Drive within the Blue Lagoon Office Park, the premier Class A office development in Miami comprising 1.6 million square feet and employing 11,000 workers. The office park is home to some of the world’s most recognizable companies, including FedEx, Airbus, Caterpillar, Sony, Hasbro, Estee Lauder and Burger King’s world headquarters, among others. There are plans for a one million-square-foot expansion of the office park.

The hotel sits just four miles from the Miami International Airport (MIA), which served 44.6 million passengers in 2016, making it the second busiest U.S. airport for international passengers. MIA had an economic impact $33.7 billion, making it Miami’s largest economic driver. Located at key junctions for FL-836, FL-953 and FL-826, the hotel for sale is within a short drive of Miami’s key demand drivers, including Miracle Mile Shopping District, University of Miami, Jackson Memorial Hospital, Florida International University, Dolphin Mall and Miami Beach.

Hotel for Sale Investment Highlights

  • Newly Renovated with Minimal Required Capital Investment:  Originally constructed in 1986, current ownership recently completed a full renovation of the hotel property for sale. Capital from the new owner may be spent directly on value-add enhancements and repositioning. Additionally, the hotel is being offered at a discount to replacement cost.
  • Irreplaceable Location inside the Premier Blue Lagoon Office Park:  The property holds a prominent position within the Blue Lagoon Office Park in the heart of the Miami Airport Office submarket, which contains 1.6 million square feet of office space with one million in planned expansion and is home to prominent Fortune 500 brands, such as Burger King, Visa, Sony, Hasbro, Pepsi and FedEx. The hotel is adjacent and walkable to Burger King’s new 150,000-square-foot international headquarters that is currently under construction.
  • Strong In-Place Cash Flow with Operational Upside:  Recently emerging from a full renovation, the commercial property for sale has significant in-place cash flow today; however, there remains an opportunity to drive topline performance and effectively manage expenses further.
  • Unencumbered of Management:  The property is being offered unencumbered of management with a projected short-term encumbrance of the Pullman brand for approximately one year. The hotel is one of the most recognizable hotels in Miami, and the potential lack of encumbrances within the next year presents an unprecedented repositioning opportunity for the property.

For more information on the Pullman Miami Hotel or other hotel properties for sale, please contact Alexandra Lalos, Tony Malk or Scott Hall. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

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