Miami Fl Hotel

Buyer Fee 3 Percent Price 325M LOI POF BIO TO MOVE FORWARD Thesis Hotel Miami 1350 S Dixie Hwy Coral Gables, FL 33146 www.thesishotelmiami.com NOI: $18,128,000 Rated AAA 4 Diamond Hotel: 245 Rooms ADR: 265 Multi-Family: 204 Units (Extended Stay) Leased 99%- Waiting list for Multifamily is 80-90 with University of Miami Students and Doctors. 3 Restaurants and rooftop bar 30K SF Retail.--- 100% Leased --Final Buildout and occupancy 3rd Qtr. Tenants: Legends Hospitality-U of Miami, U of Miami Bookstore/Athletics Offices, Dental, Breakfast/Coffee, Salon, Surgery Center 636 Parking Spots There are some options as well: 1. Thesis is their own brand - no franchise agreement or affiliation. They have an HMA in place with Hersha to manage back of house operations but that agreement is terminable at any point without penalty. 2. They can separate hotel and transact on just that component. 3. They have additional residential density available under the zoning and could convert up to 144 of the 245 keys to multifamily units - could also convert the entire hotel to student housing if you do not add full kitchens to more than 144 of the units - the kitchen is the qualifier that makes a unit a “dwelling unit” so for a student housing dorm style model where you don’t have a full kitchen you could in theory convert all 245 keys.