Summary
- Built in 1982/2012 Renovation
- 144 keys
- 2.94 acres/128,066 square feet
- Zoned B-1
- 54,980 square feet (GBA)
- 9,676 square feet typical floor plate
- 1,040 square feet of meeting space
- Pool
Hotel Amenities
- 24-Hour Reception Desk
- ATM
- Airport Shuttle - Free
- Bus/Truck Parking
- Coffee/Tea Maker
- Cribs Available
- Daily Housekeeping
- Early Check-in Available
- Elevators
- Express Check-out
- Flat Screen Televisions
- Free Coffee & Breakfast Item
- Free Parking
- Free WiFi
- Hairdryer
- Late Check-out Available
- Mobile Check-in
- Near Public Transportation
- Non-Smoking Hotel
- Park Before you Fly
- Pool - Outdoor
- RV Parking
- Rollaway Beds Available
- Safe Deposit Box
- Shuttle to Local Attractions
Accessible Amenities
- Accessible Front Desk
- Accessible Guest Room Doorways with 32" Clear Width
- Accessible Pool
- Accessible Public Entrance
- Accessible Route to Accessible Guestrooms
- Accessible Route to Accessible Parking
- Accessible Route to Front Desk
- Accessible Route to Pool
- Accessible Van Self-Park
- Accessible van parking
- Assistive Listening Devices for Meetings Upon Request
- Route From Accessible Public Entrance to Venues Serving Food and Drink
- Service Animals Welcome
- Staff Trained in Service to Guests with Disabilities
- TVs with Closed Captioning
- Wheelchair Accessible Elevators
Exterior Pics
Interior Pics
Days Inn Brand Summary
Days Inn by Wyndham is a leading performer in economy hospitality and helps guests make the most of their trip with free breakfast, upbeat service, and a keen focus on the little things. Known to travelers around the world, the Days Inn rising sun logo and new Dawn room design brighten days through comfortable accommodations and convenient locations.
Days Inn outshines its competition. With a worldwide portfolio of approximately 1,600 properties, Days Inn is one of the largest economy brands worldwide. High brand awareness, prototype versatility, and a large footprint have fueled strong performance, making Days Inn a desired brand in the economy segment, with the added benefit of global distribution. The new Dawn room was designed with owner input to drive consistency and return. The well-known Days Inn name, supported by a powerful marketing budget, and bright rooms make Days Inn top of mind for prospective guests and owners.
About Wyndham
Wyndham is the largest hotel franchise company in the world. With an unmatched portfolio of exceptional brands and the industry’s simplest, most generous loyalty program, they are the champions of the everyday traveler. Every day, Wyndham Hotels & Resorts welcomes the world like no one else.
Market Performance
Fort Lauderdale has been one of the strongest-performing markets since the travel recovery began in the Spring of 2021. RevPAR rose more than 25% in 2022 and was nearly 20% above 2019's pre-pandemic baseline, one of largest increases over 2019 among STR's top 40 markets.
The strong recovery in RevPAR has been driven by rate growth: ADR fully recovered to pre-pandemic levels in 2021 and rose another 20% in 2022. Occupancy, on the other hand, remains below pre-pandemic levels due to significant inventory growth from 2018 through 2021.
However, growing concerns about a weakening economy and possible recession in 2023 are expected to erode the pricing power Fort Lauderdale has experienced. As a result, no RevPAR growth is forecast in 2023 after two years of robust growth.
Hotels in Fort Lauderdale remain heavily reliant on leisure travel, while business travel continues to recover more slowly. Group occupancy averaged about 12% in 2022, double the previous year but below pre-pandemic levels that hovered around 16%-18%..
Some unwinding of the COVID-induced shifts in travel that produced abnormally strong results in 2021 appeared during 2022. Transient occupancy and transient ADR trailed prior-year levels for several months in mid-2022, causing Fort Lauderdale RevPAR to decline in June and July despite improvements in group business and weekday performance.
These dips in transient metrics reflected the impact of temporary, COVID-related, changes in travel patterns that lifted Fort Lauderdale demand sharply in mid-2021 but were starting to wane by mid-2022.
Looking ahead, the market is expected to plateau in 2023 with basically no growth in hotel KPIs. While demand, ADR, and RevPAR reached all-time highs in 2022, the annual occupancy rate isn't forecast to reach 2019's 75% before 2026 as the market continues to absorb the 4,100 rooms that opened from 2018-21.
Several factors will contribute to the stagnant growth in 2023. Markets that experienced some of the earliest and strongest recoveries, including Fort Lauderdale and other beach destinations across the Southeast, will face more challenging prior-year comparisons in 2023 following strong growth in 2021 and 2022, and competition in the travel landscape has ramped up as some demand shifts back to urban destinations, international travel, and cruises. More broadly, the travel industry will likely feel some impact from the effects high inflation and rising interest rates are having on the economy
Capital Market Reports
Hotel sales in early 2023 were led by the February trade of the 1,000-room Diplomat Beach Resort. Brookfield Hotel Properties sold the Upper Upscale resort to a joint venture between Trinity Real Estate Investments and Credit Suisse Asset Management for $835 million ($835,000/key), the third-largest single-asset hotel sale ever in U.S. history. The buyers announced the signing of a management agreement with Hilton to oversee the resort's operations under the Curio Collection by Hilton flag.
South Florida has been one of the best-performing hotel markets in the country since the onset of the pandemic in 2020, and a sale of this magnitude suggests buyers remain confident in the outlook for the market.
Fort Lauderdale's strong RevPAR growth over the past 18 months elevated the market price per room from $197,000 in 21Q1 to nearly $226,000 in 22Q4, an all-time high for the market. Meanwhile, the estimated market cap rate has steadily fallen from about 7.7% in mid-2020 to 7.1% at the end of 2022.
The market price per room is forecast to surpass $230,000 in 23Q1 before leveling off due to expectations of a slowing economy and possible recession by mid-year. The market cap rate is forecast to move modestly higher in 2023, nearing 7.2% by year-end. Hotel sales in Fort Lauderdale nearly reached $800 million in 2022, surpassing 2021's total of $757 million and the second highest yearly total after 2014's $1.2 billion.
The largest trade in 2022 was the October sale of the Ritz Carlton Fort Lauderdale for an estimated $187 million ($963,000/key). The Ritz Carlton was part of Brookfield Asset Management's acquisition of Watermark Lodging Trust and its portfolio of 25 Luxury and Upper Upscale properties.
At least three trades involving hotel-to-multifamily conversions occurred in 2022. In April, the Bonaventure Resort & Spa was sold to Gables Residential for land value in a $50 million all-cash deal. The hotel and accompanying convention center and spa will be demolished to make room for an apartment project. In August, Claridge Homes, a residential developer based in Canada, bought the Coral Tides Resort & Beach Club for $13.5 million ($794,000/key). The buyer plans to replace the 17-room hotel with an 11-story, 28-unit condominium building. In September, the Ramada Fort Lauderdale Airport-Cruise Port was sold to AIDS Healthcare Foundation for $15.6 million ($108,681/key).
Although no information about property use was provided by the buyer, shortly after the sale it was reported the property was closed, and the buyer has previously been involved in affordable housing development in South Florida
Multi-Family Market Report
The vacancy rate in the Central Fort Lauderdale Submarket has remained stable over the past year, but at 5.9%, is slightly below the long-term average.
The submarket continues to receive new supplies: Around 460 units have been delivered over the past year. Still, this is somewhat below the average supply change over the past five years. Development is set to continue, as roughly 3,600 units are underway, which will substantially expand the existing inventory. Rents have edged up by 0.9% over the past year, which significantly trailed the average annual growth of 4.0% over the past decade.
Central Fort Lauderdale is a liquid submarket, with about 210 trades over the past three years. The market price, which is the estimated price of all properties in the submarket, has risen dramatically over that time period and now stands at $407,588/unit.
Capital Market Report
Multifamily investors have been very active in the capital markets in Central Fort Lauderdale, making it one of the most heavily traded apartment submarkets in the region over the past several years. Annual sales volume has averaged $617 million over the past five years, and the 12-month high in investment volume hit $1.6 billion over that stretch. In the past 12 months specifically, $426 million worth of assets sold.
The market price, based on the estimated price movement of all apartment properties in the submarket, sat at $407,588/unit during the first quarter of 2023. That figure is up from this time last year, and the level is above the average for the Fort Lauderdale metro. The market cap rate has dropped since last year and currently sits at 4.4%. This is the lowest cap rate that has been seen in five years, and it's close to the metro's average.
Boulevard Business District 1 B-1
B-1 - Boulevard Business District is intended to provide for the location of commercial business establishments dependent upon high visibility and accessibility to major traffic ways, in a manner that maintains and improves the character of the major arterials of the city through landscaping and setback requirements. The B-1 district limits certain uses which could have a detrimental effect on abutting residential neighborhoods if these uses were permitted to exist without certain standards being met. The B-1 district is located primarily on major trafficways.
BUILDING INTENSITY
Maximum Lot Coverage: N/A
Residential Density: 50.00 Du / Acre (based on 2.94 acres 147 residential units)
Maximum Building Height: 150 ft
Maximum Height - Stories: 15
Floor Area Ratio: N/A
Maximum Building Footprint: 133,761 ft²
Maximum Residential Units Allowed: 153
Maximum Office Area Allowed: 2,006,418 ft²
SETBACKS AT GROUND LEVEL
Minimum Primary Frontage Setback: 5.00 ft
Minimum Secondary Frontage Setback: N/A
Minimum Side Setback: 0 ft
Minimum Rear Setback: 0 ft
Minimum Water Setback: N/A
Additional Overlays
OVERLAYS
Parking Table 1 - Section 47-20.2
FLU_Commercial
FLU_Water
Additional Regulations
SBHD-Sailboat Bend Historic District
The Sailboat Bend District is located in the southwestern section of the City. It is the largest of the three districts and includes more than 550 buildings. It is also the oldest neighborhood in the City, dating from the early 1900s until the 1950s. The majority of the houses are small, one-story, vernacular residences with Bungalow, Mission, or Mediterranean Revival style details. These were popular elements found in adjacent communities and throughout the United States. The inventory also includes some larger homes located along the New River. There are several Key Contributing sites associated with the growth of this community, including the Swing Bridge, the West Side Fire Station, and the West Side School. These last three sites are also listed as local individual landmarks.
New Fort Lauderdale Police HQ
The modern design of the new Fort Lauderdale Police Headquarters has been unveiled in a recent submission to the city’s Design Review Committee seeking approvals for the proposed facility in Downtown’s Sailboat Bend neighborhood. The new building is set to rise 3 stories and approximately 50 feet at 1300 West Broward Boulevard, the address of the current facility, and occupies a footprint of about 178,605 square feet. Within that footprint, the building will yield 190,980 square feet for the headquarters including a community facility, and 222,081 SF for the parking garage; 413,061 square feet in total. The architectural arm of AECOM is responsible for the design, with Orlando-based KEITH onboard as the civil engineer.
The property (Lot A) equals 8.94 acres and is generally bounded by West Broward Boulevard on the north, Southwest 12th Avenue including the intersections of Southwest 1st and 2nd Streets on the east, Middle Street, and the intersection with Southwest 13th Avenue on the south, and on the west along Lot B is Southwest 14th Avenue. The North Fork New River is just a few city blocks south of the site, and the Las Olas and Beverly Heights neighborhoods are just a 6-minute drive eastward. The northbound entrance to the I-95 is also nearby, just a few blocks to the west.
Credits:
Created with images by MichaelVi - "Exterior view of typical new multifamily mid-rise residential building with balconies. The buildings usually rental apartments, college dorms, condominiums, or assisted-living facilities." • iQoncept - "Zoning Ordinance Building Zones Map Pin 3d Illustration"