The Nautilus Hotel on South Beach Hits the Block
The Nautilus Hotel on South Beach Hits the Block
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The fully-renovated Nautilus South Beach hotel has hit the market, and the listing broker said the oceanfront property could command nearly three times the previous sale price of $61 million.
CBRE Hotels said Wednesday that it’s marketing the 250-room hotel, located at 1825 Collins Ave. in Miami Beach, FL, for owner Quadrum Global.
CBRE’s Christian Charre said there is no asking price, but he expects the property to fetch in the range of $175 million to $180 million. It last sold in April 2011 for $244,000 a room, according to CoStar data.
See CoStar COMPS #2092514.
The hotel, designed by acclaimed architect Morris Lapidus, opened in 1951. It closed during a four-year renovation before reopening in 2015.
“It’s like buying a brand new hotel,” Charre told CoStar News. “You don’t have to put a penny into it.”
Charre said Quadrum is ready to sell because it’s not a long-term holder of real estate. The group says it has invested more than $1 billion in U.S. real estate over the past eight years. The company has offices in New York and Miami.
“It’s time to move on to the next opportunity,” Charre said of the seller.
CBRE’s Paul Weimer added that Miami Beach has one of the top lodging markets in the nation.
“Miami’s long-term lodging dynamics are very positive,” he said. “Furthermore, with displacement from Caribbean islands and a newly renovated and expanded Convention Center set to reopen in the spring 2018, the Miami Beach lodging market is poised to grow faster than the rest of the country.”
CBRE Hotels’ Natalie Castillo and Jennifer Jin are marketing the property with Charre and Weimer.
