MIAMI—The Clinton Hotel, an historic art deco hotel in Miami Beach, just traded hands. Rockville, MD-based East Coast Realty Ventures sold the hotel asset to Think Hotel Group for $28.5 million in an all cash deal.
Douglas Elliman's David Restainer and Michael Hartman represented both the buyer and the seller in the deal. Think owns several hotels in the area at 21st Street in Miami Beach.
“This is the third hotel that Think Group has purchased with us in the last two years,” says Restainer. “The Plymouth and the Ansonia Hotels are currently under development.”
The Clinton Hotel is located on Washington Avenue at 8th Street. That's just two blocks from South Beach. Originally built in 1934, Charles Neilder designed the hotel.
The Clinton recently was restored to its original condition. The restoration included the addition of two new stories and more than 5,500 square feet of retail space and upgraded food and beverage facilities. Think plans to begin renovations and improvements immediately.
Restainer says Think's owner, Shawn Vardi, has a “great vision, a knack for unlocking value, are aggressive and get to the closing table. They are going to do amazing things to the hotel that will invigorate Washington Avenue.”
Historic South Beach hotels are popular with investors. The Marlin Hotel, an historic Art Deco property, traded hands in April. The hotel, which is home to South Beach Studios, sold for $9.5 million.
Lenders are also taking interest. The historic Park Central Hotel secured $40 million in construction financing in March. Park Central Partners, an entity of Optimum Asset Management, will use the money to redevelop the 1939 Art Deco hotel in Miami Beach.
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