MIAMI—The Courtyard Miami Downtown, a 233-room Marriott hotel that sits on a prime 1.07-acre site in the heart of the urban core, is up for grabs. CBRE is marketing the asset, which could be redeveloped into over 1,000 condo units under the Miami 21 zoning code.

“This is an extraordinary location in the heart of Miami's business district, directly between the new landmark All Aboard Florida Miami terminal, Miami Worldcenter and Brickell City Centre projects,” said CBRE vice chairman Robert Given, who is marketing the hotel on behalf of AVR Realty. The Courtyard Miami Downtown is located at 200 SE 2nd Avenue.

Miami's hotel market is one of the strongest in the nation, with a June year-to-date average daily rate (ADR) of $202.87, ahead of cities such as San Francisco and Boston, CBRE's research reports. Meanwhile, luxury condominiums in Downtown Miami are commanding pricing in excess of $1,000 per square foot.