MIAMI—Hotel Eva, a 29-unit luxury boutique resort located at 1506 Collins Avenue in South Beach, sold for $11 million. The sale price is 90% more than its last price six years ago. The 1962-built hotel last sold for $5.8 million in 2008.
Isabel Fine, principal at Coral Gables-based Real Miami Commercial Real Estate represented both the buyer. She also represented the seller in the transaction. Miami-based TotalBank provided a $6.5 million mortgage to the buyer.
Ventura Way LLC, managed by Orlando J. Valdes, sold the hotel to J3 Collins Ave LLC, which is managed by real estate investor James B. Potter. The four-story, 21,832-square-foot property features a Cuban bistro on the first floor.
“At Real Miami Commercial, we focus on acquiring 'off-market' properties for our clients,” commented Fine. “Hotel Eva is one of those unique gems that we felt would command tremendous valuation and interest in the market and successfully conveyed those facts to the owner.”
Real Miami has represented clients such as Macy's, Church of Scientology, Prologis, Crescent Real Estate Equities, MDM Development, Equitable Real Estate, U.S. Century Bank, Traveler's Insurance Company, Florida Community Bank, Atkins & Breskin, Empire Equities, and Aetna Realty. Collectively, they closed over $80 million dollars in 2012.
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