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Hotels in Miami-Dade County in Florida want a level playing field with Airbnb, a website where people can list or rent short-term accommodation, revealed a panel of commercial property developers, reported real estate website The Real Deal.
“They (Airbnb) should be under the same guidelines we are supposed to work under from a code enforcement and taxing standpoint,” said Diego Lowenstein, Chief Executive of Miami-based Lionstone Development.
Miami Mayor, Tomas Regalado, plans to introduce restrictions on Airbnb hosts, akin to what has been done by the city of Miami Beach, which imposed US$20,000 (S$28,278) fines on those who lease their homes via Airbnb.
Nevertheless, Airbnb exists for a valid reason, noted Lowenstein, whose firm owns Ritz-Carlton branded hotels in South Beach and Bal Harbour.
“It is a sound product. I have used it. The hospitality sector just wants fair rules of engagement.”
Meanwhile, Christian R. Lee, Vice Chairman of CBRE, shared which category of commercial real estate investors are upbeat on.
“There is a lot of institutional investment in co-working facilities,” he said. “Co-working spaces and technology are really changing the (office market).”
Lowenstein and Lee were among the panel members at the annual CEO Power Breakfast on South Florida Commercial Real Estate, which talked about the challenges commercial developers are facing.
The other panellists at the event were Vagabond Group founder, Avra Jain; CPF Investment Group founder & Principal, Ernesto Cambo; and Related Development President and Chief Executive, Steve Patterson.
Photo of the Miami-Dade skyline. Source: Spcc111, Wikimedia Commons
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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