Service Properties Trust Acquires Nautilus Hotel In South Beach Miami For $165.4M, Or ~$661,600 Per Key
Portfolio Pulse from Happy Mohamed
Service Properties Trust (NASDAQ:SVC) has acquired the Nautilus Hotel in South Beach Miami for $165.4 million. The hotel will be rebranded as Nautilus Sonesta Miami Beach and undergo a $25 million repositioning in 2024, reopening in early 2025 under Sonesta's lifestyle brand, The James.
June 01, 2023 | 8:22 pm
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Service Properties Trust's acquisition of Nautilus Hotel in South Beach Miami for $165.4 million is expected to provide an attractive return on investment after rebranding and renovation.
The acquisition of the Nautilus Hotel provides Service Properties Trust with an entry into the South Beach market and adds a high-end destination resort hotel to their portfolio. The rebranding as a Sonesta and subsequent renovation is expected to result in an attractive return on SVC's investment, which could positively impact their stock price in the short term.
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