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

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.