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2618 Collins Avenue

Eli Dadon & Investors Sell Miami Beach Hotel For $27M With Broker Orine Dadon Of Adar Investments & Management LLC
SOLDHotel

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

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

Orine Dadon

Adar Investments & Management

Broker

$27M

vol

3 deals

Broker

Eli Dadon

Seller

$29.7M

vol

2 deals

Seller

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

0.59%

Cash-on-Cash

-0.17%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93