June 08, 2016
The Viceroy Hotel located at the Tower Three of the Icon Brickell complex was acquired by a Middle East fund. To be reflagged into a W Hotel, a very strong and fashionable brand, it should bring value to the unit owners who bought individual units. However, the W Hotel in South Beach poses a lot more restrictions on its unit owners in terms of rental policy in an effort to capture most of such business, by controlling the short term rentals and recapturing part of its income via splits. Yet to be seen how this acquisition affects them. However, it is great news for Miami that there is an international appetite for US real estate assets, which is a good sign of Miami’s appeal within the institutional investment community.