$55,000,000 PROJECTED COST $5,250,000 PROJECTED NET REVENUES PER YEAR STARTING 2024 MIAMI BEACH, FLORIDA 90 KEYS 5 FLOORS HOSPITALITY DEVELOPMENT PROJECT $17,500,000 ACQUISITION PRICE CURRENT 40 KEYS CONDO HOTEL SUITES 36,000 SF / 15,000 SF LOT + APPROVED PLANS FOR 90 KEYS 5 FLOORS 75,000SF (15,000SF PER FLOOR x 5 FLOORS) x $500 PER SF = $37,500,00 PROJECTED GROUND UP DEVELOPMENT COST == $55,000,000 PROJECTED COST — PROJECTED NET REVENUES PER YEAR STARTING 2024 90 KEYS x $150 AVERAGE ROOM CHARGE x 70% OCCUPANCY x 365 = $3,500,000 PROJECTED PER YEAR GROSS ROOM REVENUES + $1,825,000 = 200 MEALS PER DAY x $25 AVERAGE x 365 + $1,175,000 = 200 DRINKS PER DAY x $15 x ER YEAR === $6,500,000 PROJECTED GROSS REVENUES PER YEAR STARTING 2024 – $2,000,000 ESTIMATED EXPENSES PER YEAR (30%) ==== $4,500,000 —- SUBJECT TO CHANGE —DESIGN & DEVELOPMENT GLOBALLY…

$55,000,000.00

Listing Description

CityMIAMI BEACH
StateFlorida
Listed By (One of the following must be checked):REO
Number of Units90
Type of ListingIndependent
Room Revenue$3,500,000.00
F&B Income$3,000,000.00
Occ%70
Features:Array

Comments

$55,000,000 PROJECTED COST

$5,250,000 PROJECTED NET REVENUES PER YEAR STARTING 2024

MIAMI BEACH, FLORIDA

90 KEYS 5 FLOORS

HOSPITALITY DEVELOPMENT PROJECT

$17,500,000 ACQUISITION PRICE

CURRENT 40 KEYS CONDO HOTEL SUITES

36,000 SF / 15,000 SF LOT

+

APPROVED PLANS FOR 90 KEYS 5 FLOORS

75,000SF (15,000SF PER FLOOR x 5 FLOORS) x $500 PER SF

=

$37,500,00 PROJECTED GROUND UP DEVELOPMENT COST

==

$55,000,000 PROJECTED COST

-----------------------------------------------------------------------------------

PROJECTED NET REVENUES PER YEAR STARTING 2024

90 KEYS x $150 AVERAGE ROOM CHARGE x 70% OCCUPANCY x 365

=

$3,500,000 PROJECTED PER YEAR GROSS ROOM REVENUES

+

$1,825,000 = 200 MEALS PER DAY x $25 AVERAGE x 365

+

$1,175,000 = 200 DRINKS PER DAY x $15 x ER YEAR

===

$6,500,000 PROJECTED GROSS REVENUES PER YEAR STARTING 2024

-

$2,000,000 ESTIMATED EXPENSES PER YEAR (30%)

====

$4,500,000

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SUBJECT TO CHANGE

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DESIGN & DEVELOPMENT GLOBALLY