Global investor Henley has expanded its US operations after investing in a pair of hotels in Miami for $30m (£22.2m).
The hotels, located in Little Havana and South Beach, are the seed sites for the launch of Henley’s new high-end hostel concept, Life House, Property Week can reveal.
Henley USA plans to invest $30m across the two towers for major renovation works under the management of its new technology-enabled hostel management and development company.
The first Life House-operated hostel will open in Miami later in the year aiming to combine the “social culture of a hostel with innovative design and a community-driven atmosphere”.
Chief executive Ian Rickwood also revealed that Henley plans to target more US locations for future Life House hostels in the coming months.
Ian Rickwood, CEO of Henley, added:
“Miami’s popularity as a holiday destination is showing no sign of slowing down. However, hostels are in limited supply, with only one high-end hostel located in Miami Beach. Through repositioning these properties as high-end hostels, we can both maximise the value of the assets and deliver returns to our investors, whilst adding to the supply of this popular but highly fragmented sector.”
The move is the latest diversification for the Henley USA brand after the company partnered with Tower 16 Capital Partners to continue its US expansion and create Altura, its new Las Vegas-based residential offering last month.
18th May 2018 | Article by Richard Hook | Property Week
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