David Martin Of Terra Acquires Stake In Former Deauville Beach Resort For $12.5M | 6701 Collins Avenue | Hotel | Sale

Summary

Sale

FLORIDA

Hotel

The hotel located at 6701 Collins Avenue in Miami Beach, spanning 3.8 acres, was sold for $12,500,000. The buyer, David Martin from Terra, acquired a minority stake in the property from Richard Meruelo & Belinda Mereuelo of Deauville Associates.

Summary of transation details:

Property Type: Hotel
Transaction Amount: $12,500,000
Address: 6701 Collins Avenue
Market: Miami Beach
Buyer: David Martin - Terra
Seller: Richard Meruelo & Belinda Mereuelo - Deauville Associates
Asset Type: Hotel
Acres: 3.8

Developer David Martin purchased a 25 percent interest in the 3.8-acre oceanfront property from Deauville Associates, previously under contract by Stephen Ross. The acquisition sets the stage for an upcoming iconic development, with specific details yet to be disclosed.

Details

Deal Summary

SOLD

IMAGE: David Martin & Richard Meruelo DATE: 04/11/2024 ADDRESS: 6701 Collins Avenue MARKET: Miami Beach ASSET TYPE: Hotel ~ ACRES: 3.8 BUYER: David Martin (@DavidMartinTerra) - Terra (@TerraGroupMiami) SELLER: Richard Meruelo & Belinda Mereuelo - Deauville Associates SALE PRICE: $12,500,000 NOTE: Developer David Martin acquired a minority stake in the former Deauville Beach Resort site in Miami Beach, previously under contract by Stephen Ross. Deauville Associates, led by the Meruelo family, sold a 25 percent interest in the 3.8-acre oceanfront property to a company tied to Martin’s Terra, with plans for an iconic development, though specific details were not disclosed.

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Address6701 Collins Avenue

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