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Tuesday, 20 November 2018

South Miami Beach Hotels Sell for $74.2Mln

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Commercial Real Estate Direct Staff Report

A venture led by Jesta Group has paid $74.2 million for the 59-room Clevelander South Beach hotel and the adjoining 70-room Essex House by Clevelander hotel in South Miami Beach, Fla.

The Montreal property owner, which is led by Elliott Aintabi, partnered on the purchase with Minorica Holdings, which is led by Gilbert Bitton, whose family founded the Buffalo David Bitton fashion brand. It bought the properties from a group led by Brio Investment Group. The deal includes a food and beverage outlet, the Clevelander at Marlins Park, at the Miami Marlins professional baseball stadium in Miami.

The buyer allocated $66 million of the total purchase price to the Clevelander and $8.15 million to the Essex House and food concession.

To fund its purchase, the...

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Miami
  • States: Florida
  • Sector: Hotel & Resort
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: Yes
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Dan Moynihan

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