South Florida’s Most significant Resort Product sales in 2020

Shelborne South Seashore and Seagull Lodge (Shelborne, Google Maps)

The resort market was amid the hardest strike sectors of the coronavirus pandemic in 2020, ensuing in several owners scrambling to survive.

Soon after lots of motels laid off the greater part of their employees in March and subsequent months, a variety of attributes remained closed until finally the wintertime. And some have but to reopen, as domestic and worldwide journey stays minimal.

In South Florida, the pandemic led to forbearance agreements with lenders, some foreclosure filings, new fairness traders, out-of-court docket UCC foreclosures, merging of ownership, and attributes hitting the market place. For houses promoted for sale – both on the sector or quietly amid brokers – pricing is one more challenge, as several sellers and opportunistic buyers simply cannot agree on valuations, industry experts say. As a outcome, several resorts traded in 2020, and the two major deals – each individual for $120 million – shut in January, before the pandemic brought about a key disruption to the U.S. economic climate.

Here’s a look at the prime 10 resort revenue this calendar year:

Russell Galbut, WP Carey sell Shelborne South Seaside for $120M
W.P. Carey and Russell Galbut marketed the oceanfront Shelborne South Seashore for $120 million in January to a joint undertaking of King Road Actual Estate GP, Westdale Properties and Cedar Capital Partners. The potential buyers obtained the bulk of the condominium-hotel rooms at the 257-essential apartment-lodge at 1801 Collins Avenue in Miami Seaside. W.P. Carey, a authentic estate expenditure trust, and Galbut, a principal of Crescent Heights, marketed 218 units.

Lionheart and Jeffrey Dagowitz offer Seagull Resort Miami Beach front for $120M
Lionheart Cash and Actium Progress Co. bought the Seagull Lodge Miami Beach front for $120 million, also in January. JHG Holdings Miami Proprietor LLC, a joint venture among Lionheart, led by Ophir Sternberg, and hotelier Jeffrey Dagowitz’s Actium, offered the waterfront hotel to BHI Miami Confined, a Delaware entity led by Nabil Kobeissi. The resort at 100 21st Avenue traded two many years right after Lionheart and Dagowitz purchased it at auction for $31.1 million, and the home will be redeveloped into a Bulgari hotel.

Banyan Expense buys Gale Fort Lauderdale resort from Harvey Hernandez
Developer Harvey Hernandez bought the done — but as nonetheless unopened — Gale Hotel in Fort Lauderdale for just about $23 million in December. Hernandez’s Tiffany Hotel LP offered the 96-key hotel at 2900 Riomar Road on Fort Lauderdale Beach to Atlanta-dependent Banyan Expenditure Team. The boutique hotel traded for about $250,000 per room.

Jeff Greene purchases resort in Boynton Beach front for $19M
Billionaire West Palm Seashore developer Jeff Greene bought a hotel in Boynton Beach for $19 million. Boulder Lodge Boynton Beach LLC, led by Malcolm Berman of Delray Beach, sold the 171-crucial Courtyard By Marriott Boynton Beach at 1601 North Congress Avenue for $111,000 per area.

Privé Group snags lodge in the vicinity of Fort Lauderdale airport for $17M
Privé Group ordered a Hampton Inn close to Fort Lauderdale-Hollywood International Airport for $17.3 million. Richmond, Virginia-based Apple Hospitality REIT sold the Hampton Inn Fort Lauderdale Airport North Cruise Port to North Miami Beach-based mostly Privé, led by Javier Rabinovich and Mariano Karner. The 109-vital hotel at 2301 Southwest 12th Avenue traded in January for $158,000 per crucial, data display.

Estate Providers buys shuttered Hialeah Ramada for $15M
Apartment developer The Estate Organizations purchased a former Ramada Inn in Hialeah.
The developer paid $15.3 million for the 5-acre property at 1950 West 49th Avenue. House information clearly show UCH1 LLC, Miami Corporate Partners LLC, Bidart Dairy II LLC, Kern land Companions LLC and Kern Land Holdings LP had been the sellers. The 258-home resort previous sold in 2014 for $13.5 million. City Commons, a Los Angeles-based mostly serious estate expenditure and advancement firm, owned 45 percent of the residence through affiliate UCH1 LLC.

Blackstone sells Marriott hotel in Boca Raton
Blackstone Group sold a Residence Inn by Marriott in Boca Raton for $14.25 million to a group of South Florida investors who plan to redevelop it into a combined-use challenge.
The New York-based mostly personal equity giant offered the 120-area prolonged-keep lodge at 525 Northwest 77th Avenue to Shane Neman, principal of Neman Ventures and Richard Waserstein and Mauricio Bello of Waterstone Capital. The offer equates to $118,750 for each crucial.

Embattled Sixty Sixty condominium-hotel’s units in Miami Seaside sell for $11.5M
Schecher Team bought 65 models at the Sixty Sixty resort in Miami Seaside for $11.5 million to Integra Investments. The rental-hotel at 6060 Indian Creek Drive was after the issue of a intense foreclosures fight. The deal gave Miami-based mostly Integra a majority of the units at the hotel. Ballestas explained in November that the company and its spouse, Sagar Desai of Miami-based mostly Activate Hospitality, planned to entire improvements and relaunch the lodge upcoming time.

Motel 6 in Lantana sells to Hare Krishna organization for $6M
The Hare Krishna Lantana Hotel enterprise purchased a Motel 6 for $8.4 million in January.
Carrollton, Texas-dependent G6 hospitality sold the 154-unit motel at 1310 West Lantana Street to Hare Krishna Lantana Resort, managed by Vijay Patel. It final traded for $5.7 million in 2012, documents exhibit.The Motel 6 sits on 3 acres off of I-95 around West Lantana Street and was developed in 1988. G6 Hospitality was launched by William Becker and Paul Greene in 1962. The corporation owns, operates, and franchises a lot more than 1,400 economic climate lodging places beneath the Motel 6 and Studio 6 manufacturers in the United States and Canada and the Resort 6 brand name in India.

Former actor sells Miami Gardens resort for $6M
A former actor bought a 103-room resort in Miami Gardens for $6 million to Very good Night Inn and Suite Baymeadow 770 LLC, a organization affiliated with hotelier Yuval Fishman. The Lodge Roma Golden Glades Resort at 16805 Northwest 12th Avenue bought for about $58,000 for each place. The sellers are companies affiliated with Francisco Martinez Celeiro, who acted in spaghetti western films underneath the identify George Martin, and now operates the Miami-based Pegaso house management corporation with his son, Francisco Martinez-Miyashiki.

Source: Information provided by commercial actual estate brokerages such as Colliers Intercontinental and verified with market reviews, general public data and information clippings.