London & Regional Properties Acquires Miami Property For $48.65 Million With Hodges Ward Elliott As Seller's Reps

The property involved in the transaction is a 281-room hotel located at 5800 Blue Lagoon Drive, Miami, FL, 33126. It was sold for $48,650,000.00 and has a market presence in Miami. The hotel spans a 10-acre site and features amenities including 18,500 square feet of meeting and event space, a pool, tennis courts, a fitness center, business center, and two food and beverage concepts. The hotel underwent a multimillion-dollar renovation in 2016, transitioning from a Sofitel to a Pullman brand. The property is one of two Pullman hotels in the United States, the other being in San Francisco.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $48,650,000.00
• Address: 5800 Blue Lagoon Dr, Miami, FL, 33126
• Market: Miami
• Seller's Representative: Alexandra Lalos & Daniel Peek - Hodges Ward Elliott
• Buyer: London & Regional Properties
• Previous Sale Price: $22.3 million in 2012
• Ownership: The buyer owns over 17,000 hotel rooms worldwide, including major properties such as the London Hilton on Park Lane and Nobu Ibiza.

The seller, Laurus Corp., completed the renovation to upgrade the hotel to the Pullman brand, which is owned by AccorHotels. HFF's team, consisting of Alexandra Lalos, Tony Malk, and Daniel Peek, represented the seller in this transaction. The new owner plans to retain the Pullman brand for a year but has no management agreement tied to the acquisition. London & Regional Properties, founded by Richard and Ian Livingstone, has a portfolio that exceeds £9 billion.