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The multimillion-dollar sale of a hotel on Miami Beach's coveted Collins Avenue would not typically turn heads. But consider the dilapidated state of the Traymore Hotel, which traded for $18 million in mid-January, and you'll quickly understand why the phrase “location, location, location” has never borne more relevance for the hospitality market in the Southeast than it does today.

Throughout last year and into the first quarter of 2012, we continue to see hotels in desired locations trading at a premium, regardless of their condition. The shuttered Traymore, ideally located in the heart of South Beach, is only one example.

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