Luxury hotel group launch new apart-hotel development in Miami

Despite concern about the US housing market and more recently the sub prime mortgage sector, investor confidence in the Floridian market has risen with the news that the prestigious Regent Hotel Group in conjunction with award-winning developers WCI Communities Inc, have launched an amenities rich, fully-serviced, apart-hotel on the elite Bal Harbour beachfront specifically to cater for Miami’s high demand for upmarket property.

Miami is not only a honey pot for the rich and famous it is also one of the most influential cities in the US economically

Miami International Airport is the nation’s top airport for international freight and receives the third largest number of international passengers

The city’s popularity with both tourists and business visitors results in year round occupancy rates of 81.7%

The Regent Hotel Group founded in 1970, specialises in luxury accommodation

The latest project, Bal Harbour Tower Estate, is located in the exclusive Bal Harbour village, between Fort Lauderdale and Miami

10 luxury oceanfront apartments are available from just £679,628 / $1.35 million

Investors can take advantage of the weak dollar and a completion date of December 2007 to maximise their investment

The popularity of Miami, especially at the upper end of the market, will never wane; the glamour, white sandy beaches, superb nightlife and year round sunshine remain the draw. The rich and famous all aspire to owning a luxury beachfront pad in the city, and many of them have already made their home in Miami, including Anna Kournikova, Lenny Kravitz and Oprah Winfrey. The fact that the city boasts one of the least affordable real estate markets in the country, placed 83rd out of 95 markets in the States (with San Francisco being the least affordable) makes owning a property here an even more desirable asset.

But Miami is not only the playground for the wealthy, it remains among one of the most influential and international of America’s cities in terms of a wider economic profile. The city is home to 64 foreign consulates and 25 international trade offices. It has the largest collection of international and national banks on the East Coast after New York, whose deposits combine to total over $74 billion. And its international trade infrastructure is thriving. Miami International Airport is the nation’s top airport for international freight and sees the third largest number of international passengers passing through its gates in America (14.7 million in 2006), generating an economic impact on the area estimated to be around $18.6 billion. In total, nearly $50 billion in total merchandise trade passes through the Miami Customs District. And then there’s tourism (1.5 million Britons visited Florida in 2005), which injects around $13.5 billion into the local economy, and almost another $1 billion arrives in receipts from business delegates attending conventions. This business and tourist influx combine to make year round occupancy rates in Miami around 81.7%, with average room rates costing $216 a night - all well above average.

The heady combination of a weakened dollar, now just under $2 to £1, and the city’s thriving economy makes the Bal Harbour Tower Estate an exciting opportunity for canny investors. The Regent Hotel Group opened its first luxury hotel in Hawaii in 1970; the group has gone on to hold 6 hotels and resorts worldwide and aims to double its portfolio within the next two years encompassing residences and condominiums such as Bal Harbour, Miami. There are only 10 luxury oceanfront apartments available priced from just £679,628 / $1.35 million for 2584 sq ft rising to £3,171,203 / $6.3 million for the largest 6860 sq ft of space. This equates to approximately $750 per sq ft which is highly competitive with other developments in the area with the added extra of an earlier completion date of December 2007 generating immediate uplift in value.

Bal Harbour Village itself is located between Fort Lauderdale and Miami on the northern tip of Miami Beach. This pristine environment offers all that one would desire from acres of white, sandy beaches to sporting activities, top class restaurants, transport links including marina and some of the finest designer shopping in the USA. Properties within Bal Harbour hold the comparable prestige of a Park Lane or Mayfair apartment but are available at a lower cost. The demand for condo-hotel properties remains high and the caché of the Regent brand name will ensure rental demand and resale potential is maximised.

For more information, visit hollingworthassociates.com.