1 minute checked out
Service Properties Trust
Service Properties Trust (Nasdaq: SVC) revealed today that it has actually gotten the 250-room Nautilus Hotel situated at 1825 Collins Avenue, Miami Beach, FL for $165.4 million, or around $661,600 per secret.
The Nautilus is a way of life oceanfront hotel situated in Miami's South Beach community with 250 guestrooms, consisting of 55 suites, 4 food and drink outlets, outside swimming pool, health spa, gym and 17,500 SF of versatile outside and indoor occasion area. The hotel will at first be branded as the Nautilus Sonesta Miami Beach, and go through a $25 million rearranging beginning in the Summer of 2024 with strategies to resume in early 2025 under Sonesta's way of life brand name, The James.
Todd Hargreaves, President and Chief Investment Officer of SVC, made the following declaration relating to today's statement:
“The acquisition of the Nautilus Hotel offers SVC with a crucial entry into the South Beach market and includes another high-end location resort hotel to our portfolio. This is an irreplaceable beachfront parcel situated in the heart of Miami Beach in a location with many high-end luxury and upper high end hotels. We are positive that the rebranding as a Sonesta and subsequent restoration will lead to an appealing return on SVC's financial investment.”
Service Properties Trust (Nasdaq: SVC) is a property financial investment trust, or REIT, with over $11 billion bought 2 possession classifications: hotels and service-focused retail net lease homes. Since March 31, 2023, SVC owned 220 hotels with over 37,000 visitor spaces throughout the United States and in Puerto Rico and Canada, most of which are extended stay and choose service. Since March 31, 2023, SVC likewise owned 765 retail service-focused net lease homes amounting to over 13.3 million square feet throughout United States.