Allen V. Rose’s Yonkers based AVR Realty is selling the Courtyard Miami Downtown Hotel. While there is no word yet on the price being asked for the property, considering its value and recent area deals it will probably be more than $100 million.
Courtyard Miami Downtown is situated in an area that has seen major new developments recently and so the likelihood is that the hotel will be scrapped by whoever buys it in favor of a condominium facility of some sort. Just to the north, All Aboard Florida’s Miami station will be built.
The 13 story hotel is located on a prime 1.07 acre site in the heart of downtown Miami, one of the most sought-after real estate markets in the country, at 200 SE 2nd Avenue. The property holds the potential for redevelopment into as many as 1, 070 condominium units under the current Miami 21 zoning code.
First built in 1975 and located near the American Airlines Arena, the hotel is currently a Marriot and has 233 rooms. It has 3, 200 square feet of meeting space with five versatile meeting rooms. Guests enjoy the use of an outdoor rooftop pool with views of the Miami skyline, a fitness center, a 24 hour convenience market and ergonomic work stations in the rooms.
AVR bought the hotel in 1987.
CBRE is marketing the property.
“This is an extraordinary location in the heart of Miami’s business district, directly between the new landmark All Aboard Florida Miami terminal, Miami Worldcenter and Brickell City Centre projects, ” said CBRE Vice Chairman Robert Given.
“Extremely high barriers to entry in a dense urban center, coupled with a booming residential and lodging market, make this property a one-of-a-kind investment opportunity, ” said CBRE Hotels’ Senior Vice President Christian Charre. “The city’s current zoning code also allows for consideration of a high-return alternative – a rare chance to carve a new condominium community out of this saturated downtown core.”