Laurus Corp. Acquires Sofitel Miami
Thursday December 13th, 2012 - 12:05AM HG
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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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.