Multifamily Stories in South Florida

PALM BEACH - Chatham Lodging Trust, a hotel real estate investment trust focused on upscale extended-stay hotels and premium-branded select-service hotels, announced that it has completed the acquisition of two hotels as part of a previously announced four-hotel package.

The hotels are the 86-room SpringHill Suites by Marriott in Washington, Pa., and the 105-room Courtyard by Marriott in Altoona, Pa. The hotels will continue to be managed by Concord Hospitality Enterprises.

MIAMI BEACH - Sunstone Hotel Investors Inc. was the successful bidder at a foreclosure auction and acquired the fee-simple interest in the Royal Palm located on Collins Avenue in Miami Beach. The gross purchase price for the hotel was approximately $126.1 million before transaction costs. Prior to the auction, the company purchased a portion of the outstanding debt at a discount to par resulting in an economic gross purchase price of approximately $117.0 million or approximately $286,000 per key.

The transaction is expected to close in the third quarter.

MIAMI - Nearly 80 residential buildings encompassing 22,000 units were built in Downtown Miami during the condo boom, transforming the area into one of the fastest growing urban communities in the U.S. Now, following years of oversupply, never-before-seen levels of demand for urban living is resulting in a thriving community of renters and owners.

PALM BEACH GARDENS - The Marketing Directors announced a sellout of all 225 condominiums at The Residences at Midtown in Palm Beach Gardens. Joe Lopez, who has more than 20 years of condominium sales experience in the South Florida market, oversaw the operation, which closed 177 sales in one year.

The Residences at Midtown had no foreclosures or short sales.