An iconic South Beach hotel on Ocean Drive has sold, marking an exciting comeback for the hospitality sector in South Florida.
The acquisition comes at a good time as demand in the hospitality sector is improving after hotels took a hit during the COVID-19 pandemic. According to Marcus and Millichap’s hospitality midyear outlook special report, the availability of vaccines has allowed more people to travel which has raised hotel occupancy in the country from 24.5% in April of 2020 to over 60% in June of 2021.
