Service Properties Trust Acquires Nautilus Hotel in South Beach Miami
01 Junho 2023 - 5:15PM
Business Wire
High-End Destination Resort Hotel Located on
Irreplaceable Parcel
$25 Million Repositioning in 2024; Will Reopen
in Early 2025 Under Sonesta’s Lifestyle Brand, The James
Service Properties Trust (Nasdaq: SVC) announced today that it
has acquired the 250-room Nautilus Hotel located at 1825 Collins
Avenue, Miami Beach, FL for $165.4 million, or approximately
$661,600 per key. The Nautilus is a lifestyle oceanfront hotel
located in Miami’s South Beach neighborhood with 250 guestrooms,
including 55 suites, four food and beverage outlets, outdoor pool,
spa, fitness center and 17,500 SF of flexible outdoor and indoor
event space. The hotel will initially be branded as the Nautilus
Sonesta Miami Beach, and undergo a $25 million repositioning
commencing in the Summer of 2024 with plans to reopen in early 2025
under Sonesta’s lifestyle brand, The James.
Todd Hargreaves, President and Chief Investment Officer of SVC,
made the following statement regarding today’s announcement:
“The acquisition of the Nautilus Hotel
provides SVC with an important entry into the South Beach market
and adds another high-end destination resort hotel to our
portfolio. This is an irreplaceable beachfront parcel located in
the heart of Miami Beach in an area with numerous high-end luxury
and upper upscale hotels. We are confident that the rebranding as a
Sonesta and subsequent renovation will result in an attractive
return on SVC’s investment.”
About Service Properties Trust:
Service Properties Trust (Nasdaq: SVC) is a real estate
investment trust, or REIT, with over $11 billion invested in two
asset categories: hotels and service-focused retail net lease
properties. As of March 31, 2023, SVC owned 220 hotels with over
37,000 guest rooms throughout the United States and in Puerto Rico
and Canada, the majority of which are extended stay and select
service. As of March 31, 2023, SVC also owned 765 retail
service-focused net lease properties totaling over 13.3 million
square feet throughout United States. SVC is managed by The RMR
Group (Nasdaq: RMR), an alternative asset management company with
over $37 billion in assets under management as of March 31, 2023
and more than 35 years of institutional experience in buying,
selling, financing and operating commercial real estate. SVC is
headquartered in Newton, MA. For more information, visit
www.svcreit.com.
WARNING REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other securities laws. These forward-looking statements are
based upon SVC’s present intent, beliefs and expectations, but
these statements and the implications of these statements are not
guaranteed to occur and may not occur for various reasons, some of
which are beyond SVC’s control. For example, Mr. Hargreaves states
that the rebranding to Sonesta and subsequent renovation of the
Nautilus Hotel will result in an attractive return on SVC’s
investment; however, SVC may not realize all of the benefits it
currently anticipates.
The information contained in SVC’s filings with the Securities
and Exchange Commission, including under the caption “Risk Factors”
in SVC’s periodic reports, or incorporated therein, identifies
other important factors that could cause differences from SVC’s
forward-looking statements. SVC’s filings with the SEC are
available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq. No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
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version on businesswire.com: https://www.businesswire.com/news/home/20230601005975/en/
Stephen Colbert, Director, Investor Relations (617) 231-3223
Service Properties (NASDAQ:SVC)
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