April 25, 2003

2002 - Ten Largest Sales by Price per Room

Written By:  Antonia G. Viens

HVS Research Department has analyzed those hotels that sold in 2002, which had the highest sale prices per room.  Typically properties that sell in excess of $200,000 a room are in top tier cities or resort areas. These hotels come with luxury accommodations, are uniquely decorated and maintain first class service. In 2002, the top ten hotel sales by price per room matched all the preceding criteria.

Of the ten hotels that sold with the highest price per room in 2002, six of these sales were located in top tier cities including New York, Washington DC and Miami.  Of the remaining four sales all were in destination resort locations.  Each hotel was in excellent condition and almost all had recent extensive renovations.  Seven of the sales were fairly large properties, with room counts ranging from 260 to 837.  Three sales were considered to be on the small side with 13 to 124 rooms.

The highest price per room was paid for the Montage Resort & Spa in Laguna Beach, California.  This is an elegant hotel with well-appointed rooms and a world-class spa.  The property is located directly on the Pacific Ocean. 

The Monarch Hotel in Washington DC is located within easy access to the city�s landmarks, shopping and retail.  The hotel recently completed a $12 million renovation including of its central garden courtyard and guestrooms.  The property has one of the finest gym facilities in Washington.    

The Box Tree Inn and the Hotel Wales are the two smallest hotels in this category.  Both luxury facilities are located in the upper east side of New York City.  The Box Tree is a delightful mini-hotel that contains 13 rooms and sold for $4 million.  The Hotel Wales is similarly luxurious and is renowned for its lobby. 

The Eden Roc on Miami Beach was recently renovated returning the hotel to the splendor of the property�s historic days.  This landmark has 43,000 square feet of meeting space and a number of restaurants. 

The Raleigh Hotel, also on Miami Beach, was designed by L. Murray Dixon, one of the acclaimed architects of South Beach�s historic Art Deco District.  The hotel was extensively renovated in the early 1990s, including the Deco pool which has been heralded as the most beautiful pool in Florida.  Since its renovation, scenes from a number of major movies have been filmed at the property, including Birdcage, Fair Game, Up-Close and Personal, Bad Boys and Black-Out.

The Hyatt Regency Maui Resort & Spa in Lahaina, Hawaii was also recently renovated.  The property is located on 40 acres and has direct access to the ocean.  The resort has tropical streams and waterfalls and a half-acre pool.  The Orchid at Mauna Lani in Kahola Coast, Hawaii recently underwent major renovations and includes a 36-hole golf course, a 10,000 square foot pool, and a world-class spa.  La Costa Resort and Spa is located in Carlsbad, California, a well-known destination resort location near San Diego.  The hotel has two PGA championship golf courses, 22 tennis courts and a total land area of 400 acres.  British Airways Hotel, located in midtown Manhattan, is used exclusively for British Airways, predominately the flight crews.  The hotel has large, modern rooms but there is no restaurant on site.

Greater detail on the major transactions that occurred in 2002 can be obtained by subscribing to the HVS Major Hotel Transactions Survey.  The Survey has information on the overview of hotel transactions since 1990, major buyers and sellers for the year, gaming transactions, portfolios and a complete listing of all the major transactions for 2002 including hotel name, city, state, date of sale, purchase price, price per room, buyer and seller for each transaction.

HVS Research currently publishes information on major hotel transactions on a quarterly and annual basis.  The price for the quarterly and annual surveys is $250 if ordered before August 1, 2003, increasing to $400 thereafter.  HVS Research Department is planning a number of additional publications.  Current subscribers will receive these publications at a reduced cost. For a fee, the HVS Research Department is available for individual hotel searches.   Additional information regarding HVS Research Services and Publications can be obtained by contacting Toni Viens, Director of HVS Research in Orlando at 407.566.1846 or [email protected].  To order the Survey directly, contact Joan Raffetto in New York at 516.248.8828 extension 231 or [email protected].

Antonia G. Viens
Director
HVS Research
1034 Waterside Drive
Celebration, FL  34747
Direct Line:407.566.1846
Fax: 407.566.1847
 

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About the Author:


Antonia G. Viens,

Ms. Viens is an instructor for the Appraisal Institute and has taught at New York University. She has served on a number of panels and conferences and is highly regarded as an informative and entertaining speaker.