MIAMI—The Clinton Hotel in Miami Beach has hit the market. The asking price on the historic hotel is $31.5 million.

Douglass Elliman Commercial Florida listed the hotel. David Restainer is leading the marketing charge on the Art Deco asset.

“The Clinton Hotel listing presents a unique opportunity to own a fully renovated hotel with profitable operations that is unencumbered by management contracts,” says Restainer. “Additionally, this asset has upside when the restaurant and retail are repositioned.”

Located on Washington Avenue at 8th Street, the hotel sits just two blocks from the sands of South Beach. It was originally built in 1934 with architectural design by Charles Neilder and recently underwent restoration. The seller also added two new stories and over 5,500 square feet of retail space, and upgraded food and beverage facilities.

The Miami metropolitan area consistently ranks in the top three of all markets nationwide in occupancy, average daily rate, and revenue per available room, according the Greater Miami Convention and Visitors Bureau. In the Miami Beach submarket, and especially South Beach, those figures are even higher.

The Clinton Hotel offers 89 rooms. The hotel last sold to East Coast Realty Ventures for $19 million in 2007.

Amid gains in travel volume, all key measures of US hotel performance are expected to increase during 2014 and extend the hotel sector's multi-year run, Marcus & Millichap says in its fourth-quarter report on the sector, GlobeSt.com's Paul Bunby reports. MMI's report projects a 1% rise in supply by year's end, “surpassing last year's rate of growth but a level well below historical norms.”

“By demand segment, group ADR increased at a rate in the low-3% range over the past 12 months, but group demand is starting to recover after lagging US trends for a lengthy period,” according to MMI. “Recent gains in group room nights and positive advance booking trends will likely enable property owners to push up transient daily rates more aggressively in the near term.”