2023-06-01 16:44:56 ET
Service Properties Trust ( NASDAQ: SVC ) said Thursday it has purchased the 250-room Nautilus Hotel located in Miami Beach, Florida, for $165.4M, or around $661.6K per key.
The hotel will initially be branded as the Nautilus Sonesta Miami Beach, and undergo a $25M repositioning starting in the Summer of 2024 with plans to reopen in early 2025 under Sonesta’s lifestyle brand, The James.
The acquisition "provides SVC with an important entry into the South Beach market and adds another high-end destination resort hotel to our portfolio," said Todd Hargreaves, SVC's president and chief investment officer.
"We are confident that the rebranding as a Sonesta and subsequent renovation will result in an attractive return on SVC’s investment,” he added.
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Service Properties pays $165M for Miami Beach, Florida-based Nautilus Hotel