Casa Hotels Acquires Hotel From Hilma LLC In Miami Beach For $6.9M
334 Ocean Dr, Miami Beach, FL, 33139
$6,900,000
$904/SF
Building Size
7,631 SF
Asset Type
Hotel
Closing
Jan 23, 2019
AI
The boutique hotel at 334 Ocean Drive in Miami Beach, FL, 33139, was sold for $6.9 million. The property, a two-story historic hotel built in 1941, spans 7,631 square feet. Casa Hotels purchased the 28-room hotel at a rate of $246,428 per room. The seller, Hilma LLC, managed by Geraldine Hidalgo, had listed the hotel since 2016 for $7 million.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $6,900,000.00
- Market: Miami Beach
- Seller's Representative: Natalie Castillo (CBRE)
- Buyer: Casa Hotels
- SF: 7,631
CBRE Hotels’ Jennifer Jin, along with Natalie Castillo, represented the seller in the deal. Opera Real Estate Investment, led by broker Valerio Spinaci, acted as the representative for the buyer, Casa Hotels. The closing agent for the transaction was Roca Gonzalez PA.
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
2.30%
Cash-on-Cash
-0.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93