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1343 Collins Avenue
SOLD

Omar Limon, Luca Migliore & Samuel Raccah Acquire Clifton Hotel In Miami Beach For $9.05M

1343 Collins Avenue

Hotel
10,400 SF
clock iconSold 1 year ago
Gary Hennes
Luca Migliore
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Summary

Sale
FLORIDA
Hotel
10,400 sqft

The Clifton hotel, located at 1343 Collins Ave in Miami Beach, has been sold in a recent transaction. The property, built in 1948 and designed by architect Gerard Pitt, features a total of 35 rooms. It was the first LEED Gold certified hotel in Florida in 2011 and boasts highly efficient systems, including rooftop solar panels. The sale price for the Clifton hotel was $9,050,000, with a selling price per square foot of $870. The total square footage of the property is 10,400, and it is equipped with 35 keys.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $9,050,000
  • Address: 1343 Collins Ave, Miami Beach
  • Market: Miami Beach
  • Square Footage: 10,400
  • Price per Square Foot: $870
  • Keys: 35
  • Buyer: Omar Limon, Luca Migliore & Samuel Raccah - Jerusalem Group
  • Broker: Luca Migliore & Gary Hennes - Gary Hennes Realty

The buyer in this transaction was the Jerusalem Group, a company specializing in the acquisition of lifestyle and boutique hotels. They focus primarily on underperforming assets that can benefit from renovations, enhanced branding, and efficient management. The Clifton hotel will be operated by Instant Stay, a hospitality company known for turning underperforming hotels into cash-flowing assets through innovative protocols.

Luca Migliore, a broker with the commercial division of Gary Hennes Realtors, represented the buyer in this transaction.

Players

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    3

  • Agents

    2

  • Agencies

    1

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Gary Hennes
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Broker
$10.3M Sold

Details

Deal Summary
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SOLD
IMAGE: Samuel Raccah, Luca Migliore & Omar Limon DATE: 11/23/2022 ADDRESS: 1343 Collins Ave MARKET: Miami Beach ASSET TYPE: Hotel BUYER: Omar Limon (@o_miami), Luca Migliore & Samuel Raccah (@samuelraccah) - Jerusalem Group BROKER: Luca Migliore & Gary Hennes (@GaryHennesRealtors) - Gary Hennes Realty SALE PRICE: $9,050,000 SF: 10,400 ~ PPSF: $870 KEYS: 35 ~ PPK: $258,571 NOTE: Luca Migliore, a broker with the commercial division of Gary Hennes Realtors, represented the buyer of this transaction. The 35 rooms Clifton hotel was built in 1948 and designed by architect Gerard Pitt, who designed a number of Art Deco and Post War Modern Revival Miami Beach buildings in the mid-20th century. The Clifton was the first LEED Gold certified hotel in Florida in 2011, and features highly efficient systems throughout the property, including rooftop solar panels. Jerusalem Group (Buyer) specializes in lifestyle and boutique hotels acquisitions and primarily on the acquisition of existing under performing hospitality assets that can benefit from renovations, enhanced branding, efficient management, repositioning of hotels in need of capital. The property will be operated by Instant Stay (www.theinstantstay.com), hospitality company that operates a portfolio of 100 rooms in Miami Dade and Broward. Instant Stay specializes in turning underperforming hotels into reliable cash flowing assets through innovative protocols.

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Address1343 Collins Avenue

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