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Joseph McDonnell Of Cirrus Real Estate Partners Acquires Miami Hotel For $95 Million
SOLD
$95,000,000
Florida
See Similar DealsHotel
Sold 01/28/2026
SOLD
Joseph McDonnell Of Cirrus Real Estate Partners Acquires Miami Hotel For $95 Million
340 Biscayne Boulevard
See Similar DealsHotel
Sold 01/28/2026
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
The asset involved in this transaction is a hotel located at 340 Biscayne Boulevard in Miami. The sale price for the property is $95,000,000. The site is currently utilized as a Holiday Inn and is fully entitled for an 82-story mixed-use redevelopment project.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $95,000,000
- Buyer: Joseph McDonnell - Cirrus Real Estate Partners
- Seller: Gilberto Bomeny
- Broker: Gabriel Flores - ONE Commercial
- Date of Transaction: 01/28/2026
- Market: Miami
The buyer, Cirrus Real Estate Partners, was awarded the property after securing a redo bankruptcy auction with a credit bid of $95 million, which was $18 million higher than a previous voided bid. The sale is pending court approval scheduled for February 11.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,066,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$337,514.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$450,348.47
Annual Debt Service$5,404,181.60
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