VIDEO: Ian Schrager talks Miami real estate
Miami is traditionally a “boom or bust town,” he said
December 08, 2015 12:00PM
Hotelier Ian Schrager made a Monday morning appearance on Bloomberg Go, where he gave his perspective on whether Miami is nearing another real estate crisis.
“Miami has always traditionally been a boom or bust town — cyclical,” Schrager said. “But it has too many fundamental attractive elements that will always be [there].”
Plus, he said “it’s too close to like, so many people.” A slew of developers, both local and from cities like New York, have huge amounts of skin in the game here. For instance, New York-based Thor Equities has spent tens of millions to assemble a sizable commercial portfolio in Wynwood.
Schrager himself is heavily involved in Miami, having recently partnered with Marriott International to build the Miami Beach Edition. He told The Real Deal in June that he’s “aggressively looking to do a couple of hotels” in South Florida, including another Edition.
He was joined on Bloomberg Go by Michael Glimcher, CEO of the WP Glimcher real estate investment trust. The executive talked about why he’s a fan of the Miami market, despite his firm not investing here.
“It’s amazing to me how much foreign investment is coming in,” Glimcher said.
Check out the full video, which also includes a cameo from Dacra president Craig Robins, embedded above. [Bloomberg] — Sean Stewart-Muniz
Source: The Real Deal