The multimillion-dollar sale of a hotel on Miami Beach's covetedCollins Avenue would not typically turn heads. But consider thedilapidated state of the Traymore Hotel, which traded for $18million in mid-January, and you'll quickly understand why thephrase "location, location, location" has never borne morerelevance for the hospitality market in the Southeast than it doestoday.

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

And because many properties in need of upgrades or set indepressed markets are finding it difficult to attract financing,there is no shortage of potential buyers waiting on the sidelinesto acquire well-located assets with long-term investmentpotential.