Courtyard Miami Downtown hits the market

The Courtyard Miami Downtown is on the sale block, reports the Miami Herald. The hotel’s owner, AVR Realty, has engaged CBRE to market the 1.07-acre site, which is expected to draw interest from both hotel operators and condominium developers.

CBRE’s vice chairman Robert Given and its SVP of hotels Christian Charre are jointly marketing the property. CBRE plans to request that investors submit offers by mid- to late October with a decision expected in November.

“There is a lot of new development on all sides of this project. It’s a great location,” Given said. “It’s a strategic infill piece in downtown Miami.”

Charre added that Miami’s emergence as a top-tier hotel market, along with cities like New York and San Francisco, should spur interest from hotel investors as well.

The hotel is located at 200 SE Second Ave.