MIAMI—The Cavalier Hotel in South Beach here has been acquired for $12.5 million by Ventura Capital One, which is managed by Orlando J. Valdes.
The 45-room hotel was sold by Litchfield, CT-based Ridge Hill Holdings-Miami, which is managed by Blue Ridge Development and Michael P. Keilty. Ridge Hill Holdings seized the hotel at 1320 Ocean Drive last March via foreclosure. The firm acquired the $6.2-million mortgage from BPD Bank and took ownership of the property despite a Chapter 11 bankruptcy filing by the previous owner, according to the South Florida Business Journal.
Ventura Capital One secured a $7.94-million mortgage from City National Bank of Florida, which is based in Miami, in connection with its purchase of The Cavalier Hotel. See story in the South Florida Business Journal.
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