As the Delta variant of COVID-19 slows plans in other sections, leasing activity and new real estate deals are not slowing down in South Florida. Many multimillion dollar deals have taken place in the first few quarters of the year, and real estate professionals believe there’s much more to come.
So far this year, 40 hotels with 50 keys or more have sold with a combined value of $649,971. That’s up from only 17 last year, which had a combined total of $390,207, according to data from JLL Research and CoStar Group. Of the hotels with fewer than 50 keys, 12 sold for a combined nearly $44,000 this year, compared with 17 during the height of the pandemic, which had a combined total of $30,000.