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Announcement

Biggest sale of the 2019 so far!!!! $610 million for the LeFraks baby-1 Hotel South Beach!

By
Cashflow In Miami
on
July 18, 2020

Biggest sale of 2019 so far!!!! $610 million for the LeFraks baby-1 Hotel South Beach!

2341 Collins Ave , Miami Beach

Wow, we are starting 2019 with a bang!! First -the recent $50 million single-family property closing on Indian Creek ( blog will follow) which set the record for Miami-Dade, now this sale to Host Hotels!! Got to love Miami!!

This marked a definite record in the hotel sales for South Florida-$1,42 per key for 429 unit oceanfront former Gansevoort Hotel in the Roney Palace!

The property was previously under contract to billionaire Michael Dell’s MSD Capital for about $500 million, or more than $1 million per key, the Commercial Observer reported in September, but that deal fell through.Host Hotels, one of the largest lodging real estate investment trusts, owns 88 properties in the U.S. and five abroad totalling about 52,000 rooms. Billionaire Richard Marriott and his brother Bill Marriott spun the company off from Marriott International in 1993.In South Florida, Host Hotels owns the Fort Lauderdale Marriott Harbor Beach Resort & Spa, the Miami Marriott Biscayne Bay, and YVE Hotel Miami, according to its website.Sternlicht redeveloped the former Gansevoort Hotel property, built in the 1970s, into 1 Hotel & Homes with joint venture partner LeFrak. The hotel, which opened in 2015, features three restaurants, four pool decks, 57 cabanas and daybeds, a 14,000-square-foot gym and a 5,500-square-foot Bamford Haybarn Spa. The development also includes 155 luxury condominiums which were not of the Host Hotels purchase.Property records show affiliates of Starwood, LeFrak and Invesco acquired the property in 2012.Per room, the 1 Hotel South Beach sale beats the previous record of $1.24 million a key for the Raleigh Hotel in Miami Beach, which sold in February to a partnership led by New York developer Michael Shvo for $103 million ( which we are going to have a separate blog on as well)!!Well, with $610 million it will be pretty hard to beat, but we are just getting into March and have the whole year ahead of us!!

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