Mark Wohl, senior associate in the Miami office of Marcus & Millichap who is also an associate director of the firm's national multi housing group, and Lawrence Usher, an investment specialist in the firm's Miami office, represented the buyer. The sellers were a locally based principal and a New York-based investment group, Wohl tells GlobeSt.com. Jean Louis Delbeke of South Beach Investment Realty repped the sellers.
Among reasons the buyer acquired the hotel was its size. "The buyer wanted to have a presence in Miami Beach," Wohl says. "There are a lot of boutique hotels in Miami Beach with fewer rooms, but not many in this size range."
The four-story hotel is walking distance to the beaches and close to restaurants and shopping. Following a three-year renovation and addition, the hotel reopened in mid 2003. The property includes retail space and a leased restaurant. "The commercial space that comes with the property was attractive to the buyer," Wohl says.
Wohl says there have been several interested buyers of the hotel over the years, but previous deals have fallen through. "There is a lot of pent-up demand for well-run hotels in Miami Beach," he says.
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