The Real Deal MiamiThe Real Deal Miami


    Wyndham hotels acquires La Quinta franchise in $1.95B deal
    From TRD LA: Wyndham Worldwide Corporation has agreed to pay $1.95 billion for La Quinta Holding?s hotel franchise and management business, further extending its already considerable portfolio of hotels and resorts. The acquisition includes La Quinta?s 900 managed and franchised hotels, bringing Wyndham to more than 9,000 locations in 75 countries between 21 brands, according to a joint press release. The deal does not include La Quinta?s real estate assets, which include 315 hotels around the ... [more]

    Skanksa names new CEO of US operations amid shakeup
    From TRD NYC: Construction giant Skanska has tapped a new CEO for its U.S. operations, a move that comes as the company faces lackluster profits and undergoes a significant restructuring. Richard Kennedy has been named CEO of Skanska USA and executive vice president of parent company, Skanska AB, the Sweden-based company announced on Wednesday. He previously served as president of Skanska?s USA Building unit and succeeds Anders Danielsson, who was tapped as president and CEO of ... [more]

    Lennar buys Horseshoe Lake development site in Davie
    Lennar Corp. just paid $9.65 million for a 30-acre townhome development site in Davie. Property records show Griffin BC Land, an affiliate of a partnership between MG3 Development Group and ESJ Capital Partners, is the seller. The vacant land, which sits on the south side of Griffin Road between 58th Avenue and 61st Avenue, traded hands for about $352,200 per acre. MG3 principal Hernan Leonoff said via text that the site was approved in October ... [more]

    Zom buys land, scores construction loan for rental project in Fort Lauderdale
    Zom Living just paid $33 million for land along Federal Highway in downtown Fort Lauderdale, where it plans to build a 456-apartment project, property records show. Las Olas Company, a major property owner along the boulevard, sold the 17-parcel site between Southeast First Street and Southeast Second Court, on the east side of South Federal Highway. The company, managed by developer Michael Weymouth , started investing in the properties as early as the 1970?s, records ... [more]

    More growth expected for South Florida CRE in 2018: CCIM conference
    Population growth, new jobs and a tight residential market are fueling Florida?s commercial sectors, and that isn?t expected to change anytime soon. That?s how economist Sean Snaith summarized the current market as he kicked off the 2018 CCIM Commercial Outlook conference. One other major factor has contributed to the rising fortunes, he told the crowd at the Coral Gables Country Club on Wednesday. ?Deregulation is the secret sauce to this [positive] economic outlook,? Snaith said. ... [more]

    Brookfield and Onex could pay up to $3.7B for WeWork rival
    From TRD NYC: Brookfield Asset Management and Onex are planning to bid about $3.7 billion for IWG, a WeWork rival based in Switzerland. IWG, formerly known as “Regus,” confirmed in December that it had received an ?indicative proposal? from the two companies, but no final decisions have been made yet, according to Bloomberg. Shares of IWG were up 8.3 percent in trading early on Wednesday. When news first broke of Brookfield and Onex’s interest, shares rose ... [more]

    Design changes to Miami Worldcenter?s retail portion approved
    The developers of Miami Worldcenter just won a key design modification to the massive project’s retail component. On Wednesday, the Miami Urban Development Review Board granted a request by the Nitin Motwani and Art Falcone-led development team to tweak the facades for the $2 billion mixed-use project?s retail structure, also known as Block D. The changes will allow Miami Worldcenter Associates to install artwork by Berlin artist Franz Ackermann on the east facade of Block ... [more]

    South Florida?s resi markets bounce back from Hurricane Irma: Elliman
    Residential sales may be on the rebound in South Florida following a dismal third quarter, thanks in part to pent-up demand from Hurricane Irma, according to the Q4 Elliman Reports. In Miami Beach and the barrier islands, closed sales jumped 14.2 percent year-over-year to 757. New contracts signed also increased 16.1 percent to 274. Properties spent 52 fewer days on the market and sold for bigger discounts. The median sale price in Miami Beach rose ... [more]

    Miami makes shortlist for Amazon HQ2
    A surprise package arrived Thursday morning. Amazon has announced its shortlist of 20 proposals for its $5 billion second headquarters, with New York, Miami and Los Angeles all making the cut. There were 238 proposals from around the U.S., Canada, and Mexico for HQ2, although all 20 finalists are American, except for Toronto, Ontario. In the Miami area, proposals were submitted for Overtown, Downtown Doral and other neighborhoods.  Overtown was the choice of Mayor Tomás Regalado, who called ... [more]

    Everwood Hospitality Partners buys Sheraton Suites in Plantation for $25M
    An affiliate of San Francisco-based Fillmore Capital Partners just sold the Sheraton Suites hotel in Plantation for $24.7 million, property records show. EHP Plantation Ventures, an affiliate of Columbus, Indiana-based Everwood Hospitality Partners, paid nearly $94,000 per key for the 264-room hotel at 311 North University Drive. Records show EHP financed the deal with a $23 million loan from Benefit Street Partners Realty Operating Partnership. The hotel was built in 1991. Fillmore Capital Partners paid ... [more]