Laserfiche WebLink
NEIGHBORHOOD DESCRIPTION (Continued) <br />The Sunny Isles Beach hotel market is part of the overall North Beach submarket. North Beach <br />comprises 27 hotel properties, which contain around 4,700 rooms. Among the subtypes, there are <br />2,800 Luxury & Upper Upscale rooms, 1,600 Upscale & Upper Midscale rooms, and 240 Midscale <br />& Economy rooms in North Beach. <br />As of July, North Beach 12-month occupancy is 69.0%, 12-month ADR is $370, and 12-month <br />RevPAR is $260. Year over year, 12-month occupancy in North Beach has changed by 1.5%, <br />12-month ADR has changed 5.6%, and 12-month RevPAR has changed by 7.2%. <br />There is nothing under construction in North Beach and no buildings have delivered in the past 12 <br />months. <br />C".0nc1usi0n: <br />The Sunny Isles Beach condominium market has continued to slow with increased listing activity, <br />and lower selling prices. A few projects are completing construction, with several new projects <br />breaking ground or in the early planning stages. There are very few projects occurring west of <br />Collins Avenue, or off the ocean front. <br />The commercial markets are in demand with only a limited amount of available space remaining. <br />Only one new office project has been completed, and no retail construction is on -going or planned. <br />The hotel market is also in demand, with limited inventory available on Sunny Isles Beach. <br />The subject property is located along the ocean side of Collins Avenue, and is bounded by Ocean <br />Tow Condominium, to the north, and Residences by Armani Casa, to the south. There were no <br />unfavorable factors noted that could negatively affect the marketability of the subject property. <br />24 <br />562 <br />