Laurus Corp. Acquires Sofitel Miami
Thursday December 13th, 2012 - 12:05AM
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MIAMI–Laurus Corp. acquired the 281-room Sofitel Miami for an undisclosed price from a joint venture between Gem Realty Capital and Accor Hotels.
The 14-story luxury hotel, which is located adjacent to Miami International Airport, sits on 10 acres and features more than 17,350 sq. ft. of meeting and event space. The site includes 1.3 acres that allows for additional development, including as many as 100 more guestrooms.
The 16-year-old hotel was last renovated in 2000. Los Angeles-based Laurus Corp. plans to invest $4.5 million in additional upgrades.
The real estate development company most recently acquired the upscale Hilton Salt Lake City Hotel.
Sofitel is the luxury brand of Paris-based Accor.
Tags: Hospitality Construction/Renovation Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.