Sagar Desai Of Activate Hospitality Acquires Hotel In Miami Beach For $10 Million

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.