Actual property funding agency Hawkins Manner Capital offered the Clifton Lodge in South Seaside, including to a slew of latest hospitality gross sales.
Data present the Los Angeles-based firm offered the 35-key, 10,400-square-foot lodge at 1343 Collins Avenue in Miami Seaside. The customer is Jerusalem Group LLC, a Florida entity managed by Omar Limon. Limon is a Miami resident with nearly two dozen companies registered in his identify, together with the sportswear retailer Simply For Sports activities, in accordance with data.
The sale worth of $9 million works out to $266,000 per room.
Luca Migliore, a dealer with the business division of Gary Hennes Realtors, represented the client. CBRE’s Natalie Castillo and Joshua Beene represented the vendor.
The lodge was inbuilt 1948 and designed by architect Gerard Pitt, who designed plenty of Artwork Deco and Put up Conflict Trendy Revival Miami Seaside buildings within the mid-Twentieth century, in accordance with Gary Hennes Realtors.
Hawkins Manner Capital purchased the lodge for $8.8 million in 2014, property data present. It was renovated in 2010, and the Miami Seaside Preservation Board accredited plans for a renovation and growth of the lodge in 2019, shortly earlier than it was listed on the market.
Hawkins Manner Capital listed it in tandem with one other Collins Avenue boutique lodge, the 22-room Loft Lodge. The funding agency initially listed the pair for a combined $17.1 million, or $300,000 per room. Data present the Loft offered for $6.5 million in June, which equates to $295,500 per key.
The sale of the Clifton follows a pattern of lodge gross sales in South Florida in latest months.
Final month, investor Shadi Shomar and his companions accomplished the majority buy of the Bentley Hotel South Beach, a condo-hotel at 510 Ocean Drive. Corporations tied to Russell Galbut’s Crescent Heights offered the property. Shomar mentioned he and his companions are renovating the foyer, restaurant, courtyard and pool and can proceed working the Bentley as a lodge.
Additionally in November, Hightower offered a La Quinta Inn in Palm Seaside County to a gaggle of traders for $13 million, and Blackstone offered The Hampton Inn & Suites in Tamarac for $17.8 million.
In September, the Balfour Lodge at 350 and 344 Ocean Drive in South Seaside traded for $39.3 million, or about $485,000 per key. And a three way partnership purchased the 96-key Hilton Backyard Inn in Miami Seaside for $28 million.