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Sales Are Strong For South Beach Luxury Hotel Properties
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Developer Tony Goldman, who passed away a year ago, bought his first piece of luxury real estate in South Beach back in 1986, the Park Central Hotel and neighboring properties on Ocean Drive.
In the current strong market of intense demand, an affiliate of Goldman Properties sold the 125-room luxury hotel at 640 Ocean Dr. in a Miami real estate deal that closed this past week.
"We had a deep love for that property and it was really the beginning of what I like to call my father’s love story with Miami Beach,” says Jessica Goldman Srebnick, CEO of Goldman Properties. "It was a very important and iconic luxury real estate property, still is. And I think that like in life, things have an evolution...for us, the Park Central, it was time for its next evolution.”
The company will hold on to The Hotel at 801 Collins Ave., which opened back in 1998. "We’re going to maintain that property and truthfully, the [Park Central] sale gives us a lot of flexibility to pursue other opportunities,” she said.
Terms of the deal that closed July 11 were not disclosed. County records show combined sales of the hotel and surrounding luxury Miami real estate were in excess of $39 million.
Park Central Partners, LLC, a group lead by Miami real estate broker and businessman Ricardo Tabet, Houston developer Giorgio Borlenghi and Rodolfo Misitano, a European fund CEO was the buyers.
"We wanted to make sure that the people that took over the guardianship of the property would love and care for it the way we did and would continue with the true hospitality and the true authenticity of the property,” Srebnick said. "With this group, that’s their commitment, that’s their intention. For us, it was a really wonderful fit.”
The managing director of Jones Lang LaSalle Hotels in Miami, Gregory Rumpel, put together the deal. It was one of the recent transactions involving historic hotels in sizzling Miami Beach. This brokerage firm, which handled the $12.5 million sale of the Royal Polo hotel at 2940 Collins Ave. earlier this month, is also marketing the boutique Cavalier Hotel for sale. The 46-room hotel, built in 1936, was acquired through foreclosure in March.
The property at 1320 Ocean Dr. is on the small side and still needs some updates. The key selling points include the address on Ocean Drive and the on-site restaurant, bar and kitchen. The going rate for Ocean Drive hotels is at least $300,000 a room, or about $13.8 million in the case of the Cavalier.
"These types of buildings are increasing becoming more attractive to institutional type investors because they’re seeing the play on Miami Beach is to try to get a hold of a handful of these smaller properties and then try to complex them and get efficiencies,” he said.
To the Northwest of the Cavalier, the sale of the luxury 23-room Haddon Hall hotel at 1500 Collins Ave. and neighboring luxury 45-unit Campton Apartments was closed in a real estate deal on Wednesday with financial details not disclosed.
The buyer of this luxury piece of Miami real estate was an affiliate of Rockwood Capital, a privately held luxury real estate investment firm with offices in New York and California. HFF marketed the site for the sellers Haddon Hall Associates and Campton Associates.
"This is a strong example of an institutional buyer entering the market to significantly rehabilitate a property that has an incredible location and the potential to create significant value,” says HFF senior managing director Daniel Peek.
Andres Leiser is a local contributor for Constec Realty's Miami luxury real estate website. Andres Leiser has been involved in Miami real estate for over a decade. For more information please visit http://www.constecrealty.com
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