Amstar Sells historic 157 room Miami Westin Hotel
Coral Gables, Florida (Nov. 12, 2014) – Today, Amstar announced the sale of the Westin Colonnade Hotel, a 157 room hotel located in the affluent suburb of Coral Gables, Florida, adjacent to the Miracle Mile. The property, originally designed and constructed in 1926, was re-built in 1989 and mostly recently was renovated in 2014. The sales price and buyer were not disclosed.
Amstar, in partnership with Davidson Hotels & Resorts, acquired the newly branded Westin property in July 2007 in an off-market transaction with the objective of repositioning and stabilizing the property in order to increase its market recognition as a fully-renovated Westin. During the partnership’s ownership, more than $2.0 million of renovations were completed including upgrades to the guest corridors and guest rooms, and leasing out the restaurant space at the corner of Aragon Avenue and Ponce De Leon Boulevard to the nationally-renowned operator, Sushi Samba.
“The Westin Colonnade is a great example of Amstar's general investment strategy. We acquired the property when it was under-utilized, repositioned it through an extensive capital campaign and chose to sell once there was an abundance of capital seeking to enter the South Florida hotel market,” said Amstar Chief Operator Officer Doug Wiley. “Davidson Hotels and Resorts was an excellent partner to work with from beginning to end.”
“Over the years Davidson and Amstar have worked together on six properties and the Westin Colonnade is just the most recent example of successfully collaborating with ownership to achieve a great result,” said Davidson Chief Investment Officer Steven Margol. “We collectively added significant value to the property and look forward to continuing to grow our long-term relationship with Amstar in the future.”
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in the U.S. and select international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.5 billion in assets under management (as of September 30, 2014). Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and family offices. For more information, visit www.amstar.com.
About Davidson Hotels and Resorts
As one of the largest privately held management companies in the lodging industry, Davidson Hotels and Resorts’ success is built on a unique entrepreneurial management style and owner’s mentality that enables it to provide each of its properties with the individualized personal service of a small company, enhanced by the breadth and depth of skill and experience of a larger company. Davidson Hotels and Resorts continues to invest heavily in its people, services and infrastructure in order to optimize financial performance throughout its portfolio. For over 40 years, Davidson Hotels and Resorts has established an extraordinary track record of creating and maximizing asset value and delivering an uncompromising guest experience for some of the most sophisticated and demanding property owners in the world.