Premium Capital Resources together with a strategic experienced JV Partner acquired this newly built hotel which was completed in 2018 and which has been in operation for 2 years. The current hotel has 116 keys, pool deck, gym, restaurant, and living room lobby. The property is located in one of South Florida’s most sought-after locations, walking distance from the Bal Harbour Shops, and conveniently located between the largest employment hubs in South Florida.
The business plan is to convert the existing 116 key hotel into 96 Condo/Hotel units, sell all the units and to keep the front desk to be owned by the homeowner’s association. The holding period is supposed to be about 2 years and the IRR return is projected to be 52.14% to the investors!