Miami, FL – June 2, 2016 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, announced that it has represented the seller in the recent $64.5 mm sale of the former Viceroy Miami, a luxury full service hotel in Miami, Florida. The hotel is now part of Starwood Hotels & Resorts’ W brand.
The property was sold by Pebblebrook Hotel Trust, (NYSE:PEB), a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major gateway cities. Mark Elliott, President and Rudy Reudelhuber, Managing Director with Hodges Ward Elliott, represented the seller in the transaction.
The property was sold to an off-shore buyer. Over the last several years, HWE has developed numerous relationships with prominent international investors and according to recent statistics from Real Capital Analytics, the firm is ranked as the number one brokerage in the industry for foreign access with 49% of transaction volume being sold to off-shore purchasers.
"This was a win-win for both the seller and the buyer,” notes Mr. Reudelhuber. “This is a magnificent iconic property in one of South Florida’s most desirable destinations and we’re confident the hotel’s new owners will be able to unlock its full potential. This transaction also exemplifies the unmatched ability of HWE to successfully work with off-shore buyers. Our firm’s frequent visits overseas and unique data-driven approach is the driving force behind our continued success and the amount of deals we are brokering with international investors.”
Located in downtown Miami at the northern gateway to Brickell Avenue, the property is a luxury hotel centrally located near the city's many distinctive neighborhoods, cultural institutions, sporting venues and area attractions. The resort includes 148 guestrooms, suites and one- and two-bedroom residences.