On behalf of its owners, Jones Lang LaSalle Hotels has been appointed to market for sale the 157-room Omni Colonnade Hotel. The four-diamond, landmark hotel is ideally located in prestigious Coral Gables, in the heart of the Miracle Mile shopping district, one of the premier shopping and gallery addresses in Florida.Ê
The Omni Colonnade Hotel boasts a rooftop sundeck and swimming pool, offering stunning views of South Florida, along with Tulas, a contemporary restaurant and bar featuring Northern Italian and American cuisine. Offered free and clear of brand or management, the hotel features 24,500 square feet of meeting space, including the Historic Colonnade Rotunda, built in 1926, which hosts 6,000 square feet of space beneath a 60-foot domed ceiling.
Upon hitting the market initially at the end of 2004, there was immediate interest from national and international investors. While the ownership had entertained an initial offer, the hotel was taken off the market during the time the early offer was considered. The additional time which has elapsed since the property first was first exposed to the market has proven to be positive as business levels in the first quarter of 2005 have exceeded expectations.
“Miami hotels benefit from a diversified base of business as well as unparalleled appeal to domestic and international leisure travelers,” said Gregory Rumpel, a senior vice president for Jones Lang LaSalle Hotels in Miami. “The Omni Colonnade, in particular, enjoys diverse business demand generators.”
“Miami has long been an important international investment hub, bridging the communities of North America, South America and Europe,” said Christian Charre, a senior vice president for Jones Lang LaSalle Hotels in Miami. “Miami has also long been a popular leisure destination among the social elite in these important markets.”