CRESCENT ACQUIRES HOTEL COLONNADE CORAL GABLES, AUTOGRAPH COLLECTION
FORT WORTH, TEXAS (April 24, 2023) – The 157-key Hotel Colonnade Coral Gables, Autograph Collection has been acquired by Crescent Real Estate LLC (Crescent) through its investment vehicle, GP Invitation Fund III, LP. This acquisition marks the seventh hotel investment within Crescent’s GP Invitation Fund III.
Located at the premier corner of Ponce de Leon and Coral Way, Hotel Colonnade has long been the centerpiece of Miracle Mile in one of Miami’s most notable neighborhoods, offering travelers a myriad of entertainment and dining opportunities. Hotel Colonnade is poised to benefit from its central location within a submarket that boasts an enviable 1.7% retail vacancy rate and 26 new restaurants and shops slated to open in 2023. Additionally, as Miami continues to benefit from tremendous corporate relocations and economic growth, Coral Gables will benefit as one of Miami’s top corporate destinations for new office demand.
Originally designed by famed architect Phineas Paist as the centerpiece to George Merrick’s planned community, the Colonnade building was completed in the fall of 1926. In 1988, a portion of the renowned building was converted into a hotel and offered travelers a unique guest experience. The hotel offers spacious guest rooms and ample suites with a modern and sophisticated take on classic elegance with an unmistakable modern Latin flair that leans into the South Florida culture. Offering nearly 34,000 square feet of versatile indoor/outdoor event and meeting space, the hotel contains some of Miami’s most sophisticated and sought-after venues. This includes the elegant and renowned 9,000 square-foot, marble-tile hotel rotunda which has hosted some of Coral Gables’ most lavish weddings and prestigious events over the years.
With Crescent’s acquisition, Hotel Colonnade will undergo a multi-million-dollar renovation aimed at further enhancing the guest experience and ensuring the hotel remains well-positioned to capitalize on the significant growth in Coral Gables and greater Miami.
Hotel Colonnade will continue to participate in Marriott Bonvoy’s award-winning travel program.
“As our third Autograph Collection Hotels property, Hotel Colonnade is an excellent addition to our growing full-service hotel portfolio. We are thrilled to encapsulate this unique and storied hotel under the Autograph Collection Hotels brand, while leveraging the award-winning Bonvoy travel program for our guests,” Jason Anderson, Co-CEO of Crescent said.
“Few opportunities exist to acquire an extraordinary historic hotel in a prime submarket like Coral Gables with the incredible economic and demographic tailwinds that Miami is exhibiting. We have conviction that Miami and Coral Gables will continue to benefit from a favorable business environment and strong population growth for years to come. Additionally, our comprehensive guest-facing renovation and planned improvements will further allow the hotel to capture this growing demand and deliver a best-in-class experience for our guests,” stated Anderson.
Crescent has engaged HEI Hotels & Resorts, a nationally recognized hotel management firm with extensive experience managing luxury and full-service hotels throughout the United States.
JLL served as the exclusive advisor to the seller in the transaction.