RobertDouglas Advises On The Sale Of The Hilton Melbourne Rialto Place, Melbourne, Florida
RobertDouglas announced today that it advised a private owner in the sale of the Hilton Melbourne Rialto Place to The Buccini/Pollin Group.
Located on the Atlantic Coast in the heart of Florida’s Space Coast, Melbourne is 70 miles east of Orlando and boasts 16 million square feet of office space and over 30 miles of pristine beaches. The Hilton is centrally-located in Melbourne adjacent to numerous Fortune 500 tenants and the Orlando Melbourne International Airport and within a few miles of the coast.
The Hilton recently underwent a comprehensive, $4.7-million renovation that was completed in August 2017 and established the hotel as the leader in the Space Coast market. It features 238 spacious guestrooms and suites, over 12,000 square feet of meeting space – including Melbourne’s largest ballroom – vibrant food and beverage options, an outdoor pool, and a number of additional amenities.
“Melbourne, which once relied almost exclusively on low-rated government business, has experienced a remarkable transformation in the last few years, as evidenced by the market’s average annual RevPAR growth of over 15% during that time,” commented Evan Hurd, a managing director with RobertDouglas. “We are witnessing a similar trend in a number of cities across the Southeastern U.S., where business-friendly policies have attracted a wave of corporate relocations, resulting in substantial growth.”
Doug Hercher, a founding principal and managing director with RobertDouglas noted, “We are seeing substantial demand – both from investors and financiers – for recently-renovated hotels in proven and expanding markets with strong in-place cash flow. The Hilton Melbourne checked a lot of boxes for investors and, as a result, this was a highly-competitive marketing process.”