A recent wave of large hotel deals focuses on ‘irreplaceable’ properties, according to a new article by CoStar.

Zach Demuth, global head of hotels research at JLL‘s hotels and hospitality group, reports there’s increased investor interest in luxury and other iconic assets. JLL’s latest research found eight hotel deals valued at more than $200 million this year, with Nichols Architects-designed Ritz-Carlton Key Biscayne among them.

“Luxury hotels continue to perform exceptionally well,” he said. Each of the $200-million-plus deals on the report were somewhat unique, Demuth said. The commonality across these highlighted deals is that these are irreplaceable properties in high-growth markets.

The Nichols Architects-designed Ritz-Carlton Key Biscayne was recently sold in a $400 million dollars deal. Located in one of Miami’s prime spots, the international, family friendly community of Key Biscayne, the hotel features 13 Stories, 188 Residences, with pools, a jacuzzi, spa, multiple tennis courts, and a beachfront playground for the children. All residences designed by Nichols offer high ceilings and gorgeous water and city views. The timelessness of the architecture and scale of the property made for a big price tag.

Regarding this recent wave of large properties acquisitions, Demuth concludes:

“To be able to build a 1,600-room hotel in today’s environment: possible, but highly unlikely, (…) so, the opportunity to acquire even at a relatively high value — again, you’re really acquiring an irreplaceable asset.”