Happy Friday, Miami!

In this week’s update:

🌎 Miami Worldcenter Name Deal: The Park West Metromover Station could be renamed this week for the nearby Miami Worldcenter development without the county receiving naming rights payments or repayment of its costs in making the name change.

📡 Power-intensive data-center facilities: A recent report by Cushman & Wakefield Inc. (NYSE: CWK) found, among 569 data-center facilities in markets across the Americas, the vacancy rate stood at 4.9% at the end of 2024, and 83% of upcoming capacity is already preleased.

🏨 Starwood Capital Hotel Real Estate Investment: Starwood Capital invested in Vana Partners on March 4. Vana focuses on extended-stay hotel market opportunities. Starwood will provide capital, support, and board representation.

In case you missed it

🎥 The Great Florida Condo Shift | What's Happening to Miami Condos in 2025?

Are you wondering what's happening to Miami condos in 2025? In this video, I'll dive into the latest trends and updates affecting the Florida condo market.

From changes in demand and supply to shifting buyer preferences. Whether you're a real estate investor, a homeowner, or just interested in the Miami real estate market, this video is for you.

✨ Stay ahead of the curve and find out what's in store for Miami condos in 2025.

🔑 Billionaire Barry Sternlicht's Starwood Invests in Hotel Real Estate Company

Driving the news: Miami Beach-based Starwood Capital, led by billionaire Barry Sternlicht, has invested in Vana Partners, a real estate platform focused on extended-stay hotels. The deal, made through Starwood Strategic Partners (SSP), was announced on March 4. Terms of the transaction were not disclosed.

Details:

• Vana Partners, founded in 2022 by twin brothers Dubi and Chuchu Ajukwu, specializes in extended-stay hotel investments.

• The company previously secured a partnership with Wyndham Hotels & Resorts in 2023.

• Starwood’s investment includes capital, board representation, and infrastructure support to help Vana scale.

• The move aligns with SSP’s broader strategy of supporting early to mid-stage real estate companies.

Why it matters: Starwood Capital’s backing signals strong confidence in the growing extended-stay hotel sector, which is expected to nearly double in value by 2030. This investment also strengthens Miami’s influence in the hospitality investment space, reinforcing the city’s reputation as a hub for real estate and finance.

The big picture: The extended-stay hotel market, valued at $53.2 billion in 2023, is projected to reach $98.8 billion by 2030, driven by increased demand for long-term accommodations. Starwood’s latest move comes months after it scrapped a $62 million hotel merger plan through its SPAC, Jaws Mustang Acquisition Corp.

What they’re saying:

• Bakari Adams, managing director at Starwood Capital: “This collaboration underscores our belief in Vana’s potential to become a market leader.”

• Dubi Ajukwu, co-managing partner at Vana: “Starwood Capital’s expertise and support will help us differentiate ourselves in the extended-stay segment.”

• Chuchu Ajukwu, co-managing partner at Vana: “This investment marks a major milestone in our company’s evolution.”

What’s next: With Starwood’s backing, Vana is poised for rapid expansion, leveraging its investors’ resources and industry relationships to capitalize on the booming extended-stay market.

Real Estate Insights

What to do this weekend

🎊 Calle Ocho Music Festival (March 9th, 2025) – Ten stages with a variety of live performances, drunken revelers reppin’ their country’s flag and all the croquetas and arepas you can stuff into your face: It’s time for Miami’s massive street fair, Calle Ocho, where thousands of people gather across the iconic 15 blocks every year to celebrate Latinx pride. [Location: SW 8th St between SW 12th and 27th]

🌸 Orchids in Bloom (March 8th and 9th, 2025) – Discover and purchase rare flowers from a variety of vendors, attend lectures and how-to sessions and engage in orchid-inspired activities for the whole family at this annual love letter to the bloom. [Location: Fairchild Tropical Botanic Garden]

🎉 305 Day Block Party (March 8th, 2025) – For 11 years, the 305 Day Block Party has been an epic celebration of all things Miami. Brought to you by 3:05 Cafecito, the event brings the most Miami performers to the Wynwood Marketplace, along with delicious local bites, drinks and art activations and installations. come out and show this city the love it deserves. [Location: Wynwood Marketplace - Free with RSVP]

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Have a great weekend!!

-Joe