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MIAMI BEACH-Locally based CMA Cos. has acquired the Savoy Hotel at 455 Ocean Dr. along with a 19,500-sf parking lot parcel around the corner for $33 million. The acquisition was made in association with a UK-based real estate investment group with which CMA is affiliated. The seller is an affiliate of Philadelphia-based Arden Group, which acquired the hotel in January 2002 for $18 million.

CMA arranged $30 million in debt and equity financing to close the transaction and a mezzanine round of $2.6 million from its private investment group. Gary Cohen, a CMA partner, tells GlobeSt.com it will redevelop the 75-suite hotel into a 122-unit condo hotel and develop the parking-lot parcel into a mixed-use complex containing 27 residential condos and ground-floor retail. “The overall investment is a moving target,” he says, but estimates the total construction cost at $50 million and adds, “that’s not a hard figure.”

Although pricing is not final, Cohen says the residential condos will “sell for about $1 million a unit.” The condo hotel units, he estimates, “will begin at a low of $700,00 and reach to $2 million a unit.” The first amenity improvement of the hotel, Ola, a restaurant of chef Douglas Rodriguez, is already under way, Cohen says.

CMA is overseeing the management, preservation and development of the historic Art Deco property, which is located on the beach, and has selected the architectural firm of Allan T. Shulman. This is the first acquisition and development project undertaken by CMA and its UK affiliate, “and we plan more here,” Cohen says.

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