Our 49-storey luxury condominium with developer partner PMG continues to garner interest from both local and international buyers eager to leverage its appealing hotel-condominium program, which commenced operation last summer. Since its late 2022 launch, the downtown Miami hotel and residence has achieved over 85% in sales, with the majority of owners actively participating in its short-term rental program.
The development’s distinct offering, providing owners the flexibility to rent their units for short-term stays and day rentals through The Elser Hotel & Residences Owners Program, has been a key driver of demand in this niche market. It has particularly resonated with buyers from Latin America and other regions across the U.S. seeking to leverage Miami’s growing travel and tourism industry. According to The Greater Miami Convention and Visitors Bureau, Miami-Dade County welcomed an astounding 26.5 million visitors in 2022, 19.2 million of whom sought overnight accommodation.1 This surge in visitors contributed to a notable 8% year-over-year rise in hotel occupancy and a substantial 29% increase in hotel revenues.1 Currently, Miami-Dade County holds the distinction of having the fifth-highest occupancy rate nationwide, trailing only behind destinations such as Hawaii, New York, Orlando, and San Diego.Since commencing full operations last June, the property’s Highgate-managed hotel program has garnered exceptional guest reviews along with strong average daily rates and occupancy levels for unit owners. Its appeal as a top accommodation in Miami earned it Tripadvisor’s prestigious Travellers’ Choice U.S. ‘2023 Best of the Best’ New Hotels award, a distinction given to properties with an exceptional volume of positive reviews and opinions from its online community. With less than 1% of Tripadvisors’ 8 million listings receiving this accolade, it underscores the remarkable strength of The Elser Hotel & Residences Miami’s unique value proposition.
Miami’s status as an international business hub and world-class metropolitan destination has positioned the city as one of the world’s most desired real estate markets. Its diverse population, world-class amenities, and thriving arts and entertainment scene further contribute to its allure as a destination for both residents and visitors alike. Over the past decade, its metro population has grown by approximately 9.46% to a total of over 6.3 million residents.2 Between 2022 and 2023 it welcomed a total of 43,387 new residents, landing it in the nation’s top 10 for the largest population gain among metro areas last year.3
Nestled within the vibrant landscape of Biscayne Bay, The Elser Hotel & Residences Miami stands as an experience of luxury living. Its iconic design caters to those seeking a high-end, refined residential experience characterized by convenience, luxury, and an emphasis on health and wellness. The turnkey property features a collection of 646 fully furnished residences and an array of state-of-the-art amenities, including an expansive double-level amenity deck overlooking Biscayne Bay and Downtown Miami that spans over 19,000 square feet, a 132-foot resort-style pool featuring a 16-foot poolside LED screening wall, a Sky entertainment lounge, and much more.
Greybrook has been investing in real estate developments in Florida since 2015, with our first investment in the development of the iconic Waldorf Astoria Hotel & Residences Miami, followed by our social apartment communities Society Las Olas, and Society Wynwood. The success of this development further underscores our commitment to delivering exceptional projects in South Florida, which will continue to be an area of investment focus for Greybrook as we look to expand into additional residential asset classes.
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