New South Beach Hotel on Block for $18.5 Mil or $370,000 per Room

MIAMI BEACH, FL-The owners of a 50-room luxury hotel construction project in the city’s trendy South Beach community are marketing the property for $18.5 million or $370,000 per room ($413.50-sf).

Scheduled to open later this year, the Edgewater Hotel will contain 44,740 sf of hotel and restaurant space on a 13,000-sf lot at 1410 Ocean Drive. Of the total, about 5,200 sf of ground floor space is being designed for restaurant use.

South Florida hospitality industry estimators tell GlobeSt.com it costs about $200,000 per room to build a typical four-star luxury hotel in the Miami Beach market. Not figuring in the cost of the restaurant or the land, those estimates indicate the corporation is investing about $10 million to build the property.