Sagar Desai Of Activate Hospitality Acquires Hotel In Miami Beach For $10 Million
3101 Indian Creek Drive
$10,000,000
$300/SF
Building Size
33,236 SF
Asset Type
Hotel
Closing
Jul 23, 2025
AI
A 71-key hotel located at 3101 Indian Creek Drive in Miami Beach was acquired for $10,000,000. The property spans 33,236 square feet and is situated on 0.54 acres with RM-2 zoning. Built in 1940, it features a five-story structure with a price per square foot of approximately $300.88.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $10,000,000
- Buyer: Sagar Desai
- Buyer Company: Activate Hospitality
- Seller: Bridge Investment Group
- Keys: 71
- PPK: $140,845
- SF: 33,236
- PPSF: $301
- Mortgage Amount: $9,500,000
Activate Hospitality, under the leadership of Sagar Desai, was the buyer in this transaction. The seller was Bridge Investment Group, facilitating the transfer of ownership of the hotel asset. The property's zoning designation is RM-2, which outlines specific permissible uses under local regulations.
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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93