The Miami hotel market is one of the hottest in the country and beyond. As a recent article in Law360 reports, downtown Miami in particular is playing a big part in the resurgence of the market. The city’s urban core, an area that was once overlooked and saw little development during the economic downturn, is… Continue Reading
Category Archives: Hospitality, Leisure & Restaurants
Subscribe to Hospitality, Leisure & Restaurants RSS FeedThank You For Joining Us For Our New Miami Breakfast Series | Hospitality
Thursday, June 13, 2013 8:00 AM – 10:00 AM 1450 Brickell Avenue, 23rd Floor Miami, FL 33131 Thank you for joining us for the second installment of the New Miami Breakfast Series. Hospitality: A Bird’s Eye View of Miami and Beyond Miami is one of the most active hotel investment markets in the country and… Continue Reading
Miami Travel Market on the Rise
Warm weather and great events seemed to lure visitors this spring as Miami ranked #1 in March among the top 25 markets nationally for Average Daily Rate (ADR) at $238.12, Revenue Per Available Hotel Room (REV PAR) at $212.20 and Hotel Room Occupancy at a high 89.1%. Even more telling, the ADR increased 14.4% and… Continue Reading
InterContinental Miami Hotel: Evolving Alongside Miami as it Comes-of-Age as a World Class City
This is a guest post by Robert Hill, General Manager of the InterContinental Miami, one of the city’s longest standing hotels in the heart of its urban core. With ties to international trade and commerce, increased sophistication, entertainment and culinary excellence, and its renewal as a domestic and international tourist destination, Miami’s hospitality market is… Continue Reading
Size Does Matter: Jumbo Lending Up in South Florida
Jumbo loans (loans above conforming loan limit of $417,000 in Miami-Dade and Broward Counties) increased by 31% year-over-year in 2011 to 3,782 jumbo loans originated in South Florida. This accounted for nearly half of the overall home loan growth according to Compliance Technologies’ database of Home Mortgage Disclosure Act (HMDA) filings. Jumbo Loans More Appealing… Continue Reading
Three Florida Homeowners and Condo Associations Bills Passed by the 2013 Legislature
Three condominium and homeowners bills were passed by the Florida legislature: House Bill 73, Senate Bill 120, and House Bill 7119. One of the bills, Senate Bill 120, is currently before the Governor for review. Two of the three bills (HB 73 and HB 7119) inserted the Division of Florida Condominiums, Timeshares and Mobile Homes (“Division”) into the governance of… Continue Reading
Experts Predict Increased Growth in Miami Hotel Market in 2013
The Miami hotel market continues to be one of the most active hotel markets in the country. The impact from tourism and Miami’s location as a gateway city continue to attract real estate investors and the activity is expected to increase throughout 2013. As noted in recent articles in Law 360 and the South Florida… Continue Reading
Chapter 11 Filings Decrease in South Florida, Nationally
Chapter 11 filings in the Southern District of Florida continue to trend downward. Since 2010, annual chapter 11 filings have declined by about 25%. The decline is consistent with the national bankruptcy experience. Variety of factors contributing to decline in filings To some extent, the current low filing rate is attributable to a robust local economy,… Continue Reading
South Florida Law Firms Team Up In Support of United Way of Miami-Dade
The Bilzin Sumberg Dodge Squad is getting set to square off against three other South Florida law firms in an upcoming dodgeball tournament to raise funds for the United Way of Miami-Dade. On March 13, we will vie for the title of Dodgeball Champion 2013 alongside Akerman Senterfitt, Carlton Fields and Greenberg Traurig at 5:30… Continue Reading
Miami Hotel Numbers for 2012 – Miami #4 Market in Key Categories
If you have been following us here on the New Miami Blog, you know (i) the hotel market in Miami is seemingly getting hotter every month and (ii) Miami is one of the most active hotel investment markets in the country. The New York Times recently noted that “real estate investors seem to be flocking… Continue Reading
Thank You For Joining Us For Our New Miami Breakfast Series
Thank you for joining us for the inaugural session of the New Miami Breakfast Series. Public-Private Partnerships: Why They Are Growing in Popularity and Their Impact on South Florida The most flexible relationship between the government and a private contractor is a public-private partnership, commonly referred to as a P3, in which government and the… Continue Reading
WLRN Radio To Host Marketplace Morning Report
Those who like to start their day with a cup of coffee and listening to the Marketplace Morning Report with Jeremy Hobson will be pleased that the show will be broadcast live from the WLRN Radio studios in Miami all next week. From January 22 - 25, WLRN Radio will host one of Public Radio’s most popular… Continue Reading
Happy New Year from Bilzin Sumberg
Only a week into 2013, and the new year in Miami is already off to a bright start. The Miami Herald expects cranes to begin popping up along the skyline in the first and second quarter as construction of new condos gets underway. It is anticipated that the construction sector, after posting 62 consecutive months… Continue Reading
Survey Reveals Cautious Optimism About Miami’s Economic Future
We are pleased to announce that the results of our New Miami Investment Survey are out. Click to Download SurveyTo assess what other business leaders are thinking about the pace and nature of economic recovery in South Florida, we commissioned The Bilzin Sumberg New Miami Investment Survey. 200 top executives in the community provided their… Continue Reading
Hotel Properties Tricky Collateral for Loans
Posted in Hospitality, Leisure & Restaurants As funding slowly returns for hotel properties, lenders should be more cautious when underwriting hotels as collateral for loans. Unlike other types of commercial real estate properties such as retail, office or multifamily properties, hotels are prone to extreme fluctuations in revenue and operating expenses. Lenders should keep this in mind when originating loans involving… Continue Reading
Art Basel: Miami’s Cultural and Economic Gem
Posted in Hospitality, Leisure & Restaurants From December 6-9th, Miami hosts the 11th edition of Art Basel, the most prestigious art show in the Americas. More than 260 leading galleries from around the world will take part, showcasing works by more than 2,000 artists of the 20th and 21st centuries. As art collectors, celebrities, artists and journalists descend upon Miami for… Continue Reading
Demand Outpacing Supply in Downtown Miami as Foreign Investment and Urban Living Trends Continue
This is a guest post by Alyce Robertson, Executive Director of the Miami Downtown Development Authority. Demand for condo sales and rentals slated to exceed supply We have been tracking condo sales and rental activity in downtown Miami since the market bottomed out three years ago, and what we are seeing is a clear trend… Continue Reading
Miami Developers Continue to Create a Vision for the Future of Brickell
The Related Group continues to be active in the Miami real estate market. The Daily Business Review reported last week on Related’s recent purchase of the Infinity II property, located at 1300 S. Miami Ave for $18.5 million. The purchase by Related, a company known for developing Brickell’s Icon and 500 condo buildings, shows that… Continue Reading
New Miami Mid-Price Hotel Projects Target Business Travelers
Downtown Miami is well served by high end hotels like the Four Seasons, the Conrad and the JW Marriott. What the downtown area currently lacks are medium-tier urban-concept hotels which can provide the amenities business travelers need without the high prices of a five-star hotel. Enter two new exciting projects to fill the void for… Continue Reading
Impact of Lehman Collapse on South Florida’s Hospitality and Tourism Industry
Study Indicates Economic downturn more detrimental than 9/11 The economic downturn– which peaked on September 15, 2008 with the bankruptcy filing by Lehman Brothers– touched every corner of our world in unique and significant ways, including South Florida’s hospitality and tourism industry. Remarkably, studies are now revealing that the effect of Lehman’s collapse on South… Continue Reading
Miami Hotel Market: 2013 Outlook Promising
Posted in Hospitality, Leisure & Restaurants As a speaker at the Cornell Hotel Society South Florida Chapter’s “Fourth Annual South Florida Lodging Outlook” seminar at the Conrad hotel in Miami last week, I had the pleasure, along with Max Comess of HFF Hotel Group, of delivering the good news: The outlook for the 2013 Miami hotel market is promising. Market data based… Continue Reading
Foreign Investors Buying Miami Commercial and Residential Properties
Buyers, both domestic and foreign, are capitalizing on Miami’s continuing commercial and residential investment opportunities. Recent details of new deals and reports reaffirm that Miami is still where everyone wants to be. The Van Dyke Café’s New Landlord The Van Dyke Café, located in the 1924 iconic Van Dyke building originally developed by Carl Fisher and… Continue Reading
Miami Beach and Luxury Hotel Market – A Sizzling Combination
Posted in Hospitality, Leisure & Restaurants When you think of great combinations in Miami Beach, you think of classics, both new and old, like perfect weather and perfect bodies, the Fontainebleau Hotel and the Rat Pack, Ocean Drive and Art Deco, pasty unprotected skin and blistering sunburns, café and Cubano, the Miami Heat and world championships, world class boating and low… Continue Reading
Miami Ranked in Top 3 U.S. Hotel Markets
Posted in Hospitality, Leisure & Restaurants With Miami’s sandy beaches, cultural sophistication and international exposure, it is no surprise that the city has positioned itself in 2012 as a sought-after domestic and international tourist destination. Miami is outperforming national averages and standing out as one of the top markets for hospitality in the U.S. According to data assembled by Smith Travel… Continue Reading