MIAMI—Canyon Ranch Hotel and Spa—and the adjacent Golden Sands Hotel development site—are officially on the market. CBRE’s Multi-Housing Group and Hotel Group are tag teaming to market the sites.
The assets are located at 6801 and 6901 Collins Avenue in Miami Beach. CBRE vice chairman Robert Given and CBRE senior vice president Christian Charre are marketing the property on behalf of the owners.
“Miami Beach is currently among the top performing hotel markets in the nation,” says Given. “Barriers to entry are extremely high, due to both the scarcity of land suitable for development and the arduous building approval process. As such, recently marketed beachfront hotel assets have generated intense investor interest.”
The Canyon Ranch Hotel and Spa is a luxury, 150-room condo hotel property located on 750 feet of beachfront in the restored Carillion Hotel, built in the 1950s in the signature “Miami Modern” style. The 0.92-acre Golden Sands development site on 125 feet of beachfront, the former home of another 1950s-era hotel, is vacant and has approvals for construction of 40 units in a 20-story high-rise building.
“Large, modern, beachfront properties, such as these are rare and very desirable,” says Charre. “Given the strong performance of Miami Beach, the continued low-yield environment, the resurgence of the condominium market, and the generally strong appetite for investment in Miami, we view this as an opportune time to sell.”