MIRamar beach
The Staybridge Suites Miramar (the “Hotel”, “Property”, or “Asset”) is a newly constructed, 116-room, all-suite Hotel located less than a half a mile from the Gulf of Mexico in Miramar Beach, Florida. Slated to open in Q4 2024, the Property offers extended-stay accommodations in one of the country’s most popular vacation destinations. This all-suite product features separate living and sleeping areas, as well as fully equipped kitchens. The Hotel was constructed to an exemplary standard with amenities including an outdoor pool, fire pit, patio, spacious fitness center, indoor/outdoor full bar, and complimentary breakfast offerings. The Asset sits near five renowned golf courses as well as the 465,000 SF Silver Sands Premium Outlets, which is home to over 110 designer and name-brand outlets. Additionally, the Staybridge Suites is proximate to world-class Gulf of Mexico beaches, Henderson Beach State Park, Eglin Air Force Base, and Destin-Fort Walton Airport.
| Address | 50 Ponce De Leon Blvd Miramar Beach, FL 32550 |
| Keys | 116 (All-Suite) |
| Projected Opening | Q4 2024 |
| Site | 2.37 AC |
| Gross Building Area | 87,000 SF |
| Floors | 4 |
| F&B | |
| Parking | Complimentary Self Parking |
| Amenities | |
| Interest Conveyed | Fee Simple |
| Management | Unencumbered |
| Labor | Non-Union |
Photos are renderings.
Brand New, Ground Up Asset With Advantage Of Ramping Cash Flow
The Staybridge Suites is a newly constructed Property that is set to open its doors in October of 2024. A new owner will have the opportunity to step into a brand-new asset and impart their own strategies as the Hotel begins to ramp.
Desirable Asset Profile Will Drive Significant Interest in Today’s Market
This Asset checks countless boxes for what travelers are seeking in today’s market: major brand family, extended-stay composition, new construction, all-suite product with kitchens, and Florida beach market. Per IHG provided data, half of all bookings originate from IHG One Rewards members, who are 9 times more inclined to book directly compared to non-members. Once operating, the Property stands to gain substantial benefits from its access to over 130 million enrolled IHG One Rewards members.
As one of only two assets currently under construction in the Miramar Beach/Destin area, with the other not slated to open until Q2 2025 and posing no direct competition, the Staybridge will be well-positioned to capitalize on the abundant demand for extended stay options. This is evidenced by the notable 3.0% increase in the average length of national hotel stays since 2019.
OVERBUILT STAYBRIDGE WITH LARGER GUESTROOMS THAN PROTOTYPE PRODUCT
While typical Staybridge Suites offer guestrooms averaging between 400 and 558 SF, this Property boasts rooms exceeding 700 SF, with an average size of 603 SF.
Additional amenities unique to this Asset include a limited-menu lobby bar and an inviting outdoor patio featuring a firepit and comfortable seating.
Easily Accessible Destination Minutes Away from Top-Ranked Florida Beaches
The Property is located just minutes away from the Destin beaches, which ranked #3 “Best Beach in the United States” in 2022 and #7 in 2023 by U.S News & World Reports, a distinction that meaningfully drives new leisure business. While typically viewed as a drive-to destination, the newly improved Destin-Fort Walton Beach Airport (VPS) and Destin Executive Airport have expanded access for long-distance travelers. Additionally, the Hotel is situated between several attractions including Big Kahuna’s Water & Adventure Park, the Indian Bayou Golf & Country Club, and Henderson Beach State Park, making for an optimal location for the many golf, boating, and beach amenities of Sandestin.
Miramar Beach Benefits from Explosive Historical And Projected Population Growth In Top Feeder Markets
Miramar Beach’s top feeder markets including Atlanta, Dallas, Houston, and Nashville all ranked within the top 20 fastest growing metropolitan areas of 2024. With an average of 14.0% growth projected over the next 10 years, the expansion of these cities will directly benefit Miramar Beach’s tourism industry and this Hotel specifically.
Diverse Year-Round Demand Drivers Supported By U.S. Military And Youth Sports
The military generates substantial year-round hotel demand with eight installations across the Florida Panhandle that produce $21.8 billion in annual economic impact from defense-related activities. Eglin Air Force Base, which is the largest by area in the U.S., is located 20 miles from the Staybridge Suites. Less than 10 minutes away from the Staybridge Suites, sits the $3.7 million, 25-acre Morgan Sports Center (MSC). By sport, MSC hosts nearly 20 baseball, softball, soccer, and lacrosse tournaments throughout the year, attracting thousands of families from the state of Florida and across the country. The impact of seasonality has lessened as a result of this business that has served to extend the shoulder seasons.
Strength of Staybridge Suites Brand and Desirability of the Extended-Stay Segment
Staybridge Suites stands out as one of the fastest-growing hospitality franchises globally, boasting over 324 current properties and an additional 171 in development. Catering to upscale, extended-stay travelers who value extra space and social interaction during short and long stays, Staybridge Suites achieved an impressive average occupancy rate of 76.5% in 2023. For this market specifically, the Staybridge Suites spacious guestrooms and IHG affiliation will attract demand from the key demographic of vacationing families seeking sandy beaches and sports tournaments. IHG®’s booking channels represented an average of 89.8% of Staybridge Suites reservations in 2023 and IHG One Rewards generated an average of 63.9% of bookings at Staybridge Suites hotels during the same period. The oversized rooms and additional one-bedroom units with extra amenities to a typical Staybridge Suites allow for direct competition with the Airbnb and VRBO mid-market and upscale condos in the Miramar Beach area market.The Asset will also be able to capitalize on the lack of IHG branded product in the area, compressing loyalty demand directly to the Staybridge.
Unencumbered by Management
The Staybridge Suites is offered unencumbered by the existing management agreement. A new owner is free to implement their own operational philosophy to capture additional market share and drive profitability.
