The new owner intends to rehabilitate the vacant property and reopen within the next two years, says Mark Wohl, vice president of investments with Marcus & Millichap. A total of 15 offers came in on the hotel, with various ideas about what to do with it.
"The buyers feel very optimistic and see this new acquisition as a great addition to their hotel portfolio through economies of scale," Wohl says. "The demand and pricing of the hotel's ground floor retail along Ocean Drive is the real hidden value in this deal."
Wohl collaborated with Jason Goldfarb, senior associate, and Lawrence Usher, associate, on the sale of the Leslie Hotel. The hotel is located at 1244 Ocean Drive in Miami Beach.
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