Caribbean Hotel Profits Suffer In 2016

Scott Smtih

Atlanta, Ga. – CBRE Hotels Americas Research announced that the average Caribbean hotel in its survey sample suffered a 4.7 percent decrease in gross operating profit (GOP) during 2016, according to its newly released twelfth edition of Caribbean Trends® in the Hotel Industry.  

This decline in profitability follows four consecutive years of double-digit increases in GOP.

The decline in the bottom-line starts with the falloff in top line revenue.  During 2016, occupancy for the Trends® sample declined by 2.8 percent, along with a 0.2 percent decrease in average daily rate (ADR).  The net result was a 3.0 percent decline in RevPAR. 

All other revenue generating departments (food & beverage, other operated departments and miscellaneous income) also saw a loss in sales during the year, resulting in a 2.2 percent drop in total hotel operating revenue.

“A multitude of factors caused the decline in revenue for Caribbean hotels in 2016,” said Scott Smith, managing director, CBRE Hotels Consulting.  “These include new supply, currency exchange rates and the Zika virus.”

For more information on this press release, please contact:

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com

www.dalygray.com

Voit Real Estate Services Directs First Sale of Iconic 102-Year-Old San Diego, CA Landmark

Santa Fe Depot Building, 1050 Kettner Boulevard, San Diego, CA

San Diego, CA– Voit Real Estate Services successfully completed the first-ever sale of the historic Santa Fe Depot building in San Diego, California - a local landmark built in 1915 and home to Amtrak’s San Diego Union Station since 1920.

Kipp Gstettenbauer and Ryan King of Voit’s Private Client Group represented the seller, Prologis, Inc. and the buyer, Santa Fe Depot, LLC.

“This building is one of the most historically important assets in all of San Diego,” says Gstettenbauer, a Senior Vice President in Voit’s San Diego office.  “The sale is significant to the San Diego community, and represents the seller’s deep commitment to preserving this landmark asset.”

Ryan King (left) and Kipp  Gstettenbauer  

The seller, Prologis, owned the asset by way of a series of mergers of firms dating back to the original Santa Fe Railway company, Gstettenbauer explained, making this the first actual sale of the property to a new owner.

As a world leader in real estate with more than $72 billion in assets under management, Prologis recognized the need to entrust this sale to a local team with deep relationships in order to find the right buyer for the asset.

The Voit Private Client Group team marketed the Santa Fe Depot property widely and garnered multiple strong offers from around the globe. However, the process of choosing a buyer was extremely selective, according to Gstettenbauer.

More information on Voit’s Private Client Group is available at www.voitpcg.com.

For more information on this press release, please contact:

Katie Clendening/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

kclendening@browermillercole.com

www.voitco.com.

 

Rhodes+Brito Architects Nearing Completion of Design Projects for Orange County, FL Public Schools

Ruffin Rhodes

ORLANDO, FL – Rhodes+Brito is nearing completion of the design of two Orange County Public Schools projects that totals more $16 million.

Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said his firm was assigned the design of the $14.8 million Comprehensive Project at Dover Shores Elementary School at 1200 Gaston Foster Rd. off of S. Conway and Curry Ford Rds.   

The Dover Shores project is in the early construction stage of a new building and renovation of one existing building.  Construction got underway in June and the elementary school will be ready to accommodate 644 students for the fall 2018 school year. 

Rhodes+Brito are in the process of designing the athletic fields’ replacement and expansion at Jackson Middle which is located at 6000 Stonewall Jackson Rd. off of LaCosta Drive and Semoran Blvd.  Jackson Middle and Engelwood Elementary are located on adjacent properties.

Construction of the middle school’s $2 million athletic fields is scheduled to begin in the summer of 2018 and involves the track/soccer field, volleyball courts and parking area relocated to another area of the school property. The new fields and courts will replace the earlier Engelwood campus currently serving as the “swing school” once Dover Shores is completed.

For more information on this press release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

  

Meridian Buys Medical Office Building in Laguna Hills, CA

  

The Laguna Medical Office Building, Laguna Hills, Orange County, CA

                                                               

SAN RAMON, CA – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that the firm has closed escrow on the purchase of The Laguna, a 57,057-square-foot medical office building in Orange County, California.

John Pollock

This acquisition expands Meridian’s footprint in Southern California coming on the heels of last year’s purchase of Cotton Medical Center, a 115,000-square-foot, $49 million medical office complex in Pasadena, California, adjacent to the recently completed Shriners Hospitals for Children and near the Huntington Memorial Hospital.

Located at 24022 Calle de la Plata in Laguna Hills on a .75-acre parcel, The Laguna medical office building is on the campus of and adjacent to Saddleback Memorial Hospital – a 325-bed hospital recently designated by Healthgrades as one of the top 50 hospitals in America.

“This acquisition presented us with a rare opportunity to purchase a medical office asset located on-campus to one of the premier hospitals in Orange County,” said John Pollock, Meridian CEO.

“The South Orange County submarket has exceptional demographics. Approximately 50 percent of the population within a one-mile radius of the property is 65 or older, which accounts for the highest per capita healthcare spending. We’re looking forward to providing the community with a comfortable and inviting medical space that they can get to quickly and easily.”

For more information on this press release, please contact:

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

The Astor Companies Tops Off Construction at Merrick Manor in Coral Gables, FL

Merrick Manor, 301 Altara Avenue, Coral Gables, FL

CORAL GABLES, FL  – Pioneering Miami developer The Astor Companies has topped off construction ahead of schedule at Merrick Manor, a luxury residential project rising in the heart of Coral Gables. Construction of the 10-story, 227-residence project at 301 Altara Avenue was originally scheduled to top off during the first quarter of 2018.

Henry Torres

Astor is set to host their “Top-Off” celebration at the project site on Friday, October 27 from 11 a.m. to 4 p.m. City of Coral Gables commissioners, city officials and other invited guests will be on hand to tour the project, as well as enjoy a catered lunch and live music. Valet parking will also be provided for guests.

The overall project completion date has been moved up from January 2019 to the fourth quarter of 2018.

“We are excited to celebrate this important milestone for our project,” said Henry Torres, President, CEO, and Founder of The Astor Companies. “It is a testament to the incredible team at general contractor Jaxi Builders that we were able to reach this stage so far ahead of schedule – even with the recent interruption from Hurricane Irma. Our buyers will now be able to enjoy the unparalleled lifestyle Merrick Manor offers sooner.”

More than 55 percent of the project is under contract, with prices for remaining units starting in the $500,000’s and ranging up to $2.5 million. Remaining units range from 747 square feet to more than 3,400 square feet.

For more information on this press release, please contact:

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123