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Bloom Hotels Acquires 6060 Resort In Miami Beach From Integra Investments & Activate Hospitality For $23.5M

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SOLD
$23,500,000

Florida

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Bloom Hotels Acquires 6060 Resort In Miami Beach From Integra Investments & Activate Hospitality For $23.5M

6060 Indian Creek Drive

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Summary

FLORIDA
Asset Type:Hotel
Transaction Type:Sale

Integra Investments and Activate Hospitality, led by Victor Ballestas and Sagar Desai respectively, have sold the 6060 Resort in Miami Beach for a total of $23,500,000. The property, located at 6060 Indian Creek, is a Hotel / Condo-Hotel and consists of 82 keys. The price per key stands at approximately $286,585. The buyer of the property is Bloom Hotels, while JLL acted as the broker for this transaction.

Summary of transaction details:

  • Property Type: Hotel / Condo-Hotel
  • Transaction Amount: $23,500,000
  • Address: 6060 Indian Creek
  • Market: Miami Beach
  • Seller: Integra Investments & Activate Hospitality
  • Buyer: Bloom Hotels
  • Broker: JLL
  • Keys: 82
  • Price Per Key: $286,585

The 6060 Resort in Miami Beach, previously owned by Integra Investments and Activate Hospitality, will soon undergo a renovation and be rebranded under Hilton's soft-brand collection.

Players

Joe Fishman
Sheridan Capital
Joe Fishman
18 deals$226.4M volume
BROKER
BH
Bloom Hotels
BUYER
Integra Investments
Integra Investments
SELLER
AH
Activate Hospitality
SELLER
Sheridan Capital
Sheridan Capital
LENDER

Details

SOLD
IMAGE: Sagar Desai DATE: 02/04/2022 ADDRESS: 6060 Indian Creek MARKET: Miami Beach ASSET TYPE: Hotel / Condo-Hotel SELLER: Integra Investments & Activate Hospitality BUYER: Bloom Hotels BROKER: JLL SALE PRICE: $23,500,000 KEYS: 82 ~ PPK: $286,585 NOTE FROM SELLER: Activate Hospitality, led by Sagar Desai, and Integra Investments, led by Victor Ballestas, sold the 6060 Resort in Miami Beach. The property will undergo a renovation and will be rebranded under Hilton’s soft-brand collection.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,253,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$83,490.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$111,401.99
Annual Debt Service$1,336,823.87