Majestic Sells Wyndham Garden Inn Miami Beach For $25.5 Million
Tuesday April 16th, 2013 - 9:50AM W
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MIAMI—The Wyndham Garden Inn in Miami Beach was sold by Majestic Organization, LLC, to the Witkoff Group for $25.5 million.
The 133-room property is located at 1050 Washington Ave and includes five buildings, occupying nearly an entire block. CBRE Hotels brokered the transaction on behalf of the buyer.
Christian Charre, SVP for CBRE Hotels in Miami, noted, "The demand for hotels in South Beach continues to increase with more institutional investors seeking opportunities in the market. This was a great opportunity to acquire a unique piece of real estate in a prime location."
Tags: • Hospitality •
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.