Marriott buy Miami’s Seville Beach Hotel for $57.5M
Bethesda-based Marriott has purchased the former Seville Beach Hotel in Miami Beach, FL for $57.5 M.
HFF executive managing director Manny de Zárraga, senior managing directors Dan Carlo and Daniel Peek, and director Jaret Turkell represented the 2901 Beach Ventures, LLLP ownership group, on an exclusive basis. The venture is a partnership between affiliates of Fortune International and Lionstone Group. An affiliate of Marriott International purchased the site for $57.5 million in cash. Both Fortune and Lionstone have been retained by Marriott on a consulting basis for the new project.
Located along Collins Avenue between 29th and 30th Streets in Miami Beach, the hotel and development sites encompassed nearly 4.5 acres on both the east and west sides of Collins Avenue. The property included 350 feet of frontage along the Atlantic Ocean and 100 feet of frontage along Indian Creek Drive. The east lot is improved with the former Seville Beach Hotel, a 12-story structure that was gutted in anticipation of a redevelopment program. The site has the ability of being developed as a residential or hotel project or any combination thereof.
“The sale of the Seville is among the most significant hotel sale transactions of 2010 in the southeast United States,” Said Peek. “This sale highlights the exceptional confidence held by institutional investors in the Miami Beach hospitality investment sector.”
“Originally built in 1955, the Seville Beach Hotel was for many years a global playground for the rich and famous, and was considered one of the most prestigious hotels in Miami Beach,” said de Zárraga.
“Real estate along South Beach rarely changes hands, with most of the properties considered to be generational assets,” added Carlo. “Miami Beach is woefully underrepresented within the major hotel brands.”
