Ladder Cash Sells Washington Park Resort Miami Seaside

Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)

Westime proprietor Jean Simonian and Washington Park Hotel. (Facebook by means of Westime and Washington Park Resort)

 

Ladder Capital sold the Washington Park Resort in Miami Seashore for $43.8 million, following foreclosing on the assets when it was owned by the Witkoff Team.

The foreclosure and subsequent sale of the hotel marks just one of a handful of this kind of bargains in South Florida to close considering the fact that the pandemic started a 12 months in the past. Quite a few house owners of leisure motels are focused now on restoration, though attributes that rely on company journey carry on to wrestle, brokers say.

WPH Attributes LLC of Beverly Hills, California, procured the 181-critical resort at 1050 Washington Avenue, documents present. The sale was brokered by Hodges Ward Elliott brokers Max Comess, Rudy Reudelhuber and Alexandra Lalos.

The purchaser is tied to an LLC owned by Jean Simonian, who owns the watch retail outlet Westime. The sale equates to $242,000 per home.

Witkoff Group, led by Steve Witkoff, purchased the Artwork Deco hotel from the Majestic Organization in 2013 for $25.5 million. It closed on a $45 million loan from Ladder Funds in 2016, toward the end of a important renovation of the property.

Ladder submitted a foreclosure lawsuit in July, trying to get to acquire the entire loan, together with desire and late service fees. Ladder recently received title to the residence by the foreclosures, paving the way for its sale to WPH Attributes, court documents show.

Comess, who represented Ladder Money in the sale, stated his team acquired a record level of fascination in the non-waterfront resort.

“We gained about 3 situations the range of registrations, tours and presents that we would have or else envisioned,” Comess stated. “Covid has really centered all distinct styles of resort buyers on Florida simply because of Florida’s relative outperformance [of other markets] in the course of the pandemic.”

The Washington Park Lodge was created in 1943 and features 5 historic Artwork Deco structures.

Simonian, the purchaser, marketed his two North Bay Street properties in Miami Seashore very last year for $44 million to Melvin Capital Management founder and former GameStop limited-vendor Gabe Plotkin.