The acquisition expands the company’s hospitality portfolio with a beachfront property situated in the Sunny Isles Beach market, an area in North Miami known for its coastal location, residential developments, dining venues and proximity to South Beach, Bal Harbour and Aventura.
The resort is a 249-key full-service condominium hotel offering ocean and city views. The property is managed and operated by Noble House Resorts and includes five indoor and four outdoor meeting venues, four food and beverage outlets, a market, fitness centre with steam room and sauna, oceanfront pool, private beach services and beachfront dining facilities.
South Street Partners stated that it plans to enhance the resort through a programme of capital improvements. Initial plans include upgrades to guest rooms and common areas, followed by additional property enhancements.
“We are pleased to be adding Solé to our South Florida hospitality portfolio, representing our continued conviction in the long-term strength of coastal and beachfront resort real estate,” said Peter Lunenburg, Principal of South Street Partners. “The Sunny Isles sub-market of Miami Beach is an attractive target for South Street, representing one of the highest growth RePAR markets in Florida and we are confident that we can deliver exceptional experiences for our guests through continued capital improvement of the asset.”
The acquisition strengthens South Street Partners’ presence in South Florida and complements its portfolio of hospitality assets located across high-growth markets in the southeastern United States.
“Solé Miami represents an exciting opportunity to further elevate one of South Florida’s most naturally compelling beachfront destinations,” said Sean Mullen, President, Acquisitions, Sales & Revenue Management Noble House Hotels & Resorts. “Together with South Street Partners, we look forward to building on the resort’s strong foundation while creating an even more vibrant and experience-driven future for guests and team members alike.”
Located in Sunny Isles Beach, often referred to as Florida’s Riviera, the resort occupies a beachfront position near the Newport Fishing Pier and a range of commercial, leisure and residential developments. The property was previously recognised among Miami’s leading hotels by Condé Nast Traveler.
Tags: Miami Noble House Resorts Peter Lunenburg South Street Partners
