Billionaire Michael Dell’s MSD Capital is buying 1 Hotel South Beach for about $500 million, or more than $1 million per key. Starwood Capital Group, led by Barry Sternlicht, is selling the beachfront 426-key hotel at 2341 Collins Avenue for about $1.2 million a room, according to the Commercial Observer. The deal, which is reportedly in contract, would set a record for hotel sales in Miami, beating out the $1 million per key (or $325 … [more]
Another Hotel near Wynwood Walls Planned
Another development group has filed plans for a mixed-use hotel in Wynwood near the popular Wynwood Walls. 111 Wynwood LLC filed plans for a five-story, 72-key hotel at 111 Northwest 26th Street. Developers Eduardo Vargas and Andres Hogg plan to break ground on the 50,000-square-foot project early next year and open in 2020, Vargas said. Alain Bartroli is the architect of record, and Richter Dahl Rocha is designing the facade. The construction cost is expected … [more]
Deauville Beach Resort lost a lawsuit and now can’t pay $400k judgment: court filings
The company managing hotel operations for the Deauville Beach Resort in Miami Beach is so broke, it can’t pay a judgment of more than $400,000, according to recently filed documents in Miami-Dade Civil Court. Belinda Meruelo, manager for Deauville Hotel Management, LLC., signed an agreement conveying all of the company’s assets to Miami attorney Felix M. Caceres for liquidation last week. Meruelo and her family have owned and operated the Deauville since 2004. The agreement … [more]