Florida Hotel Team

We've got your hotel investment needs covered


The Florida hotel market is as big and diverse as the third largest state. The Colliers Florida Hotel Team has expertise in submarkets statewide. Rich Lillis, Executive Vice President, heads Colliers' South Florida hotel practice and serves as co-leader of Colliers' Florida hotel practice. In addition to Florida, Rich advises hotel owners throughout the eastern U.S., and the Caribbean basin.

Kent Schwarz is the other co-leader of Colliers' Florida statewide hotel practice. With his many years in the commercial real estate business and eye for the nuances of the hotel market, he has a large portfolio of previous clients.

Colliers International’s hotel specialists offer transaction services to the lodging investment community. We take great pride in advising investors across all hotel and resort asset classes and markets. Colliers | Tampa Bay's unsurpassed lodging savvy and exceptional commitment and focus lead to highly successful transactions that exceed our client’s high expectations.

Our team


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The Year-End Q4 2017 Market Report

2017 dollar volume of Florida hotel transactions continued to moderate from its peak in Q1 2015. The average price per room also moderated, dovetailing with the U.S. trend. From late 2016 through 2017 Florida cap rates remained relatively stable while the U.S. continued its rise. 2017 closed with Florida cap rates being only 20 bps higher than the U.S. average.

The three South Florida markets continue to be the highest RevPar (revenue per available room) performing of the tracked major Florida markets. However, in 2017 Orlando become the highest occupancy market in Florida, with the highest occupancy recorded by any major Florida market in the past decade.

Download your complimentary copy and learn more about:

  • Florida transaction trends
  • Most active markets
  • Performance by city
  • Capital flows
  • Florida’s supply pipeline
  • Spotlight on Tampa downtown

Q3 2017 hotel market report

Hotel transaction volume in Florida has declined substantially since its post-recession peak in Q1-Q2 2015. Prior to the peak, Florida hotel cap rates were as much as 90 bps below comparable transactions throughout the U.S. In Q3 2015, Florida cap rates rose above the U.S. average and have consistently been 40 to 70 bps higher for the last eight quarters.

Florida’s key markets have a total of 416 new hotels in various stages of development including planning, final planning and in construction. The largest allocation of these new projects is in the greater Miami market which has already experienced a decline in both occupancy and ADR.

Download your complimentary copy and learn more about:

  • Florida transaction trends
  • Most active markets
  • Performance by city
  • Capital flows
  • Florida’s supply pipeline
  • Spotlight on Sarasota

Our mission statement

Colliers International’s hotel specialists offer services in three categories: hospitality research, consulting services and transactional services.

Our hospitality researchers tap a broad range of economic data, hotel income statements, sale prices, room occupancy and price points to build a clear picture of market drivers, demand and saturation. We build customized reports from our data warehouse to optimize operations, identify trends in hotel markets using same-store sales and uncover new insights on unit-level hotel performance.

For example, recent engagements have measured the potential for the development of themed hotels in major urban centers, evaluated workforce capacity to support operations and improved choices on expenses and capital improvements.

Our consulting division provides a range of services to the hospitality, real estate and tourism industry. This includes asset management and management company selection, valuation, market and financial feasibility studies, litigation support, tourism, recreation studies and conference center advisory services.

Our investment services professionals support each stage of the ownership cycle from acquisition to management to disposition. We collaborate to make each transaction seamless, tapping the right professionals at the right time with strategic advisory, debt placement, valuation and transactional expertise to anticipate challenges and manage the transaction with exceptional attention to detail.

Services

Relocation analyses and negotiations
Lease evaluations
Consolidations
Portfolio consulting
Subleases
Acquisitions
Dispositions
Strategic planning
Demographics
Site consulting
Labor analyses
Power studies
Comparative financial analyses
Construction
Post-occupancy services
State and local incentives negotiations

Cape Canaveral Residence Inn

The challenge
The disposition of Residence Inn Cape Canaveral was challenging due to the investment-grade asset located in a tertiary Florida market. The market was impacted by changes at nearby Kennedy Space Center, specifically the end of NASA’s Space Shuttle Program. The hotel’s stellar performance at 90% occupancy and remarkable profitability contrasted with its middling submarket, and signaled to prospective buyers the hotel had peaked. Profitability indicated a valuation significantly above replacement cost, which in Florida lower barrier to entry markets creates a price ceiling.

There was also the challenge with the announcement of competitive new hotel supply within the submarket.

The strategy
Colliers message to market was consistent and succinct: Residence Inn Cape Canaveral is an investment grade asset with rock-solid performance in a Florida growth market. The team targeted institutional investors and regional owner-operators.

A key component to the team’s strategy was the highlight on irreplaceable asset qualities, which includes: leading premium extended stay brand, exceptional custom 2006 built 150-suite hotel, acclaimed winner of Marriott’s prestigious Residence Inn of the year 2013 award, facilities current with all Marriott brand standards, barrier island location with restrictive zoning costly to develop.

Cape Canaveral – Cocoa Beach is also a Florida growth market with diversified lodging demand: corporate, military related, tourist and port related.

The results
Procured an institutional investors buyer, Capstone Development and Alex Brown Realty. Achieved $27 million price, highest price-per-room ($180,000) ever achieved in Brevard County Florida, a 25% premium over replacement cost. 

 

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Video Sample - Cape Santa Maria Beach Resort


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