Reuben Brothers Acquire Hotel On 3.5 Acres In Miami Beach From Tricap & RFR For $400M
2201 Collins Avenue
$400,000,000
$400,000,000/SF
Building Size
1 SF
Asset Type
Hotel
Closing
Oct 28, 2024
AI
The property is a hotel located at 2201 Collins Avenue in Miami Beach, encompassing 3.5 acres. It is a 16-storey facility that includes 70 guest rooms, 30 suites, and 14 private residences, sold for a total of $400,000,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $400,000,000
- Address: 2201 Collins Avenue
- Market: Miami Beach
- Acres: 3.5
- Buyer: Reuben Brothers
- Seller: Tricap & RFR
- Broker: Jeff Davis - Eastdil Secured
The deal involved Reuben Brothers as the buyer and Tricap & RFR as the seller, with broker Jeff Davis representing them in the transaction through Eastdil Secured.
Players
Miami Beach Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93