Eli Dadon & Investors Sell Miami Beach Hotel For $27M With Broker Orine Dadon Of Adar Investments & Management LLC
2618 Collins Avenue
$27,000,000
$567/SF
Building Size
47,585 SF
Asset Type
Hotel
Closing
Nov 3, 2023
About this deal
AI
The historic landmark hotel located at 2618 Collins Avenue in Miami Beach has been sold in a closed transaction. The property, comprising 88 units and spanning 47,585 square feet, was listed for an asking price of $27,000,000. The sale was successfully completed at the full asking price of $27,000,000, resulting in a price per unit of $306,818 and a price per square foot of $567.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $27,000,000
- Units: 88
- Price per Unit: $306,818
- Square Footage: 47,585
- Price per Square Foot: $567
This notable transaction was facilitated by Orine Dadon of Adar Investments & Management LLC acting as the broker. Eli Dadon and his investors, represented by 2618 Collins Capital Holdings, served as the sellers in the deal. Adar Investments & Management successfully secured the full asking price, and the project includes plans and permits for a breathtaking renovation that is set to commence shortly.
Players
Miami Beach Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93