Search
 

Mayfair Hotel Sale Brings Renovation, Conversion

COCONUT GROVE, FL-Falor Cos. and an institutional partner have reached a definitive agreement to buy the 179-room hotel here from Lodgian. They want to drop $6.5 million into renovations and sell the property as condo units. Falor is working on other hotel acquisitions in South Florida as well.

By Melissa Bogdany | Updated on April 27, 2004

COCONUT GROVE, FL-Falor Cos. and an institutional partner have reached a definitive agreement to buy the 179-room Mayfair Hotel here. The post-acquisition plan is to do an extensive renovation to the property and convert it to condominiums. This property is one of several acquisitions Falor is working on in South Florida and Chicago.The current owner of the 179-room Mayfair Hotel is Lodgian, a real estate investment trust based in Atlanta. Due to confidentiality agreements, the agreed-upon sales price was not disclosed.Falor, based in Chicago, is planning to do a $6.5-million renovation and is looking to sell the rooms as condo units. The upgrades would include renovation of the rooms, bathrooms and common areas.In addition, “The rooftop deck area will be significantly enhanced, which will include a much larger, zero-gravity pool,” says Jim Rogers, first vice president of CBRE Hotels, a division of CB Richard Ellis. CBRE represented Falor. The sale is expected to close in early May, and the renovation would start shortly thereafter, Rogers says. The Mayfair Hotel was built in 1985 as part of the Streets of Mayfair mixed-use development.With this acquisition, Falor would own, manage or asset-manage eight properties in South Florida. Among them: the 203-room Cheeca Lodge & Spa in Islamorada, which the company acquired last year; the Courtyard in Key West; and the Holiday Inn on Fort Myers Beach.In addition, the company is involved in the acquisition of a number of other hotel properties. Deals currently are in the works for several other properties in South Florida as well as Chicago, according to Rogers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.