Bloom Hotels Acquires Property At 6060 Indian Creek Dr For $23.5 Million With Rep Gregory Rumpel
6060 Indian Creek Dr, Miami Beach, FL 33140, USA
$23,500,000
Building Size
—
Asset Type
Hotel
Closing
Nov 20, 2023
About this deal
AI
Sixty Sixty Resort, an 82-room hotel located at 6060 Indian Creek Drive, Miami Beach, FL 33140, has been sold for $23.5 million. The property spans a 16-floor building that was constructed as a condo-hotel in 1992. It offers direct ocean access, panoramic views of downtown Miami and Miami Beach, and features amenities such as a 2,000-square-foot dock, a pool, and two rooftop terraces.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $23,500,000.00
- Location: 6060 Indian Creek Dr, Miami Beach, FL 33140, USA
- Market: Miami Beach
- Seller's Representative: Gregory Rumpel-JLL
- Buyer: Bloom Hotels
Integra Investments and Activate Hospitality partnered in the sale of Sixty Sixty Resort. The previous owners planned renovations for the property in 2020, which included the addition of a ground-floor restaurant and café. The area surrounding the hotel offers a wide range of dining, retail, and entertainment options, including the Bal Harbour shops and Lincoln Road.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93