He recently worked with a potential seller who listed a hotel in Palm Beach County for $11 million. As a result, local hotel owners have been more willing to hold on to their properties, rather than sell them at discounts, Kabani said. Meanwhile, the average occupancy nationwide was considerably lower, at 55% in March. “Honestly, none of that happened.” That’s in large part because the region’s hotels have bounced back faster than elsewhere in the U.S., with average occupancy above 70% in all three counties since March, according to data from hotel analytics company STR. “I felt that a lot of companies would come and pick up distressed property in a short time,” Kabani said. Hotel sales in the tricounty region didn’t reach an abnormal pace, and prices never dipped to the lows once anticipated, said Ahmed Kabani, senior VP of investments at the Kabani Hotel Group with Marcus & Millichap in Miami. But 14 months later, their predictions haven’t come to pass. In the early days of the Covid-19 pandemic, experts predicted a tsunami of hotel property sales at steep discounts nationwide – including South Florida. Expected to open in spring 2022, it will be REI’s second store in South Florida and its sixth in the state.Įxperts predicted a fire sale that never came. Outdoor retail chain REI signed a lease for 25,000 square feet in downtown Palm Beach Gardens. The 15,000-square-foot Anatomy is the development’s first retail tenant to open. The gym concept opened May 26 at Regatta Harbor, a mixed-use development that includes a marina at 3385 Pan American Drive in Miami’s Coconut Grove. The home furnishing store debuted May 27 at Palm Beach Outlets, 1751 Palm Beach Lakes Blvd. It’s the third Crunch Fitness in Broward County. The 38,000-square-foot location includes 15,000 square feet of cardio and strength training equipment. The location will be in 10,000 square feet previously occupied by Tuesday Morning. This chain is slated to open a store at Turtle Crossing Shopping Center in Coral Springs. The studio occupies 2,220 square feet within the retail portion of the project at 9658 Glades Road in Boca Raton. The fitness studio opened May 29 at the Uptown Boca development.

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